Gold Ascending Triangle Breakout into Next ResistanceGold / U.S. DollarFOREXCOM:XAUUSDFOREXcomThe technical backdrop in Gold remains fairly simple as there's been a lot of interplay at major psychological levels. The three-day sell-off to end last month and open February wiped out almost all of the prior January gains at one point. But the reaction to that has been decisive with buyers recovering and building an ascending triangle with resistance at 5100, which led to this week's breakout and rally up to resistance from a prior zone of support from 5238-5270. Chasing breakouts is always daunting especially around a weekend, but given that interplay at round numbers there's a spot that's in-play for early next week that could show as an attractive spot of higher-low support, around the 5200 level. From longer-term charts like the weekly, bulls have an open door to press for a re-test of the prior highs at the 5500 and 5600 levels and next week bulls go for a fifth consecutive week of gains following the stunning turnaround after the 'historic sell-off.' - js