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Gold Remains in Triangle After FOMC Meeting Minutes

After the release of the FOMC meeting minutes, traders pulled back from earlier USD-strength.

Triangle:
Gold has been in a triangle for a bit over a month now. The 4H chart shows the falling resistance and rising support containing price perfectly.


(gold 4h chart, 5/21)

Breakout:
As price approaches the apex, where the S/R lines converge, I would have guessed that there will be a breakout especially after the FOMC meeting minutes. However, the minutes were dovish, and USD-negative, and XAU/USD accordingly found support. 

Bullish
If price pushes above 1305 and the triangle resistance, then I would say my guess was right, and I would consider the bullish scenario. An additional test of 1300 to show price can stay above it will add weight to this scenario.

Bearish
Alternately, if price falls below 1275, then stays south of 1300 on a subsequent pullback, the short-term direction of gold price will likely be bearish.