Gold is trying to break above the upper triangle boundary and it seems that it will manage to do it today. The price is setting up a bullish formation that could bring Gold towards $1,300 very soon. Bulls do not want to see the price break below $1,240.
Black lines -triangle
Gold is trading above the Kumo on the 4-hour chart and is about to break above the triangle pattern. This is a bullish sign. Short-term support is at $1,240 and is very important for the bullish scenario of a move towards $1,300. Resistance is at $1,260-65.