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Gold About to Breakout from a Small Triangle Pattern

Gold started this week forming a small triangle consolidation pattern, taking a breather after last Friday's sharp rally that brought the pair to 1322. Monday's triangle triangle was at 1306.50, and it is trading around 1316 at 10:30 PM ET, during early 6/24 Asian session. 


(gold 1H chart, 6/24)
The 1H chart shows a very bullish market, and therefore, an bullish breakout is more likely. A break above 1325 would simply continue June's bullish trend. On the daily chart however, we see that the trend has been flat in 2014, evidenced by price action, and the moving averages. Therefore, a bullish continuation signal in the 1H chart, should first have a limited target to 1331, April's high, especially with the RSI at overbought levels. 

(gold daily chart, 6/24)
If the bullish trend continues beyond 1331, we should then monitor the 1350-1360 area for resistance. This was a previous support/resistance pivot area, and possibly where price will be challenged by a falling trendline.