Gold Moving to new highs

Kuldeep.rk asks:

“I am of the opinion that GOLD is breaking out the resistence line ( upper trangle line ) on daily / weekly charts. Have initiated initial long positions today. Can you check n confirm whether my observation is correct?”

Kuldeep is correct in identifying a breakout on the weekly Gold chart. There are two patterns – an ascending triangle and a rectangle consolidation. Here is the weekly chart, showing the rectangle, which I am tracking, and, my own trading plan.