Gold remains inside the sideways triangle pattern. Volatility is expected soon to rise and Gold price to start a new move. Gold price will soon start a new move as we expect volatility to rise as this sideways move has lasted too long and the price range is getting tighter.

Gold price is in a tight price range. Short-term triangle resistance is found at $1,305-09. Short-term triangle support is found at $1,285-83. A break of either level will signal a buy or sell respectively. If resistance is broken we should expect Gold price to reach $1,330 and why not surpass it. If support is broken we should expect the recent lows at $1,268-70 to be tested and most probably broken. If price breaks $1,331 we will then go to $1,350. If $1,268 is broken we should expect a move down to $1,200.

The daily chart above also shows how important the role of the Ichimoku cloud resistance that it will play in the near term. Even if price breaks above $1,309 we should be aware of a fake break out as the Ichimoku cloud resistance could push the price back down even after the break out. Such a fake breakout, if it occurs, will signal extreme weakness favoring our longer-term target of $1,100.