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Gold Testing Triangle Resistance

Gold price has been into consolidation mode since a slide from 1392 to 1268.50.


(xauusd 4h chart, 5/19)

Triangle:
The 4H chart shows the market trading sideways, while the moving averages (200,100,50) all converge, reflecting a directionless market in this time-frame.The lower highs and higher lows form a congestion, or triangle pattern.

Traders are buying up gold to start the week, pushing it above 1300 again, a level that gold has been oscillating around. 

Resistance:
Note that as price approaches 1305-1306, gold will be testing a falling triangle resistance as well as a previous support/resistance pivot.

Breakout:
A break above 1307 can be a bullish sign that first opens up the 1331 resistance and triangle pattern high.