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Gold Broke Above a Descending Triangle, Barely

Gold was consolidating this week in a descending triangle. You can see that this consolidation followed a bullish swing last week by just looking at the moving averages, which are clustering together but was sloping up entering this week. 

The 1H RSI has also been held above 40 after tagging above 70, which reflects persistent bullish momentum. 

Today price broke above the triangle resistance, but quickly retreated. There is still a slight bullish bias, but this is a weak breakout. Price is already returning back into the triangle, and back into the 100-, and 50-hour SMA area. It is also cracking a near-term trendline from the 8/13 session.

gold 1h chart 8/15

I think the bullish outlook although weak, is still the dominant one here. There is not much direction this week, but the past 2 sessions have been slightly bullish. A break below 1305 at this point could open up a short-term bearish outlook toward 1290. (The range of the this week's consolidation without the spikes is about 15 units, so if we project 15 units below the 1305 support, we get 1290. This is just one convention in projecting a range breakout target.