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XAUUSD : Breakout or Breakdown? Which Way Will it Go?

(XAUUSD: Daily Chart)

Gold seems like consolidating ahead of a major move. On the daily chart, we can see that the gold is trading between the two contracting support and resistance trend lines waiting for a breakout or a breakdown from resistance or support trend line respectively. All the SMAs are contracting towards each other indicating a change in trend. As we all know that Gold always move opposite to US Dollar and thus depends on the US data. University of Michigan is going to release Consumer Sentiment data today at 9:55 AM EDT which might give some momentum to the pair.