Gold price has not made any important movement yet and remains inside the triangle formation. The price range is tightening even more and we prefer to wait to see a breakout before taking any action. Price levels to watch out for are the $1,310 and $1,280 levels.
Price is below the short-term Ichimoku cloud and this favors a move towards the lower triangle boundaries at $1,286-87. The last important low was made at $1,283 and if broken we could have a strong downward break out. The last important high was at $1,305 and if broken we could have a strong upward breakout.
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In the daily chart above we can see how price is getting very close to test the lower triangle boundaries. I believe there are more chances of a downward break down that will eventually push prices below $1,268 low and towards $1,200. I will prefer going short if price breaks $1,280 and I will add if price breaks $1,268.
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