Gold has rallied for nearly 2 months since the lows last December, continuing to benefit from the weakness in US dollar and safe-haven buying due to growing uncertainty about the direction of the stock markets.
In my opinion, as long as gold is above the level of 1204, the direction is up.
We can see the triangle pattern in the charts, from analyzing the boundary. The pair is expected to find support at 1204, and a fall through could take it to the next support level of 1162 and even to 1145-1128. The pair is expected to find its first resistance at 1262-8, and a rise through could take it to the next resistance level of 1287-1296.
Meanwhile, the long-term trend remains bearish unless we see it cross up towards 1360 area.
