Gold prices in relation to the US dollar (XAU/USD) overcame the key resistance of $1243.30 last December. In turn, already this year, the price set a maximum of 1298.50 USD, just under the key resistance at 1307.
Since the establishment of the maximums, the exchange rate has begun to consolidate. The movement in consolidation is better visible in the 4-hour chart, where it took the form of a triangle.
As you can see below, the price is inevitably approaching the top of the formation. The probability of a further direction of movement can be determined by breaking one of the constraints of the pattern.
Overcoming the support will open the way to falls, where the first significant short-term support will be found at 1276.50. After overcoming the upper limit of the triangle, the quotations may continue to follow the key resistance at 1307. However, before buyers manage to get there, they will still have to overcome the last high at 1298.50 USD.
