Gold spot trades in contracting triangle pattern

Gold spot (XAU/USD) was trading above its 21-day EMA (US$1,280.40), 50-day EMA (US$1,260.40), 100-day EMA (US$1,248.12) and 200-day EMA (US$1,263.51), which indicates gold is in the medium-long term uptrend. Currently, gold prices have formed a contracting triangle kind of pattern and the volume and price movement are getting squeezed. 
 
As of now, the momentum in price has narrowed substantially and the price has reached near the apex point of the triangle and gold price is likely to give a breakout in the coming days.  

In near-term, the upper trendline zone of US$1,295-1,300 is likely to act as strong resistance. A decisive close above this zone would extend the pull-back towards the level of US$1,325. Failure to close above the hurdle will lead to further range bound action. While on the downside, the level of US$1,280 is likely to act as strong support as the short-term 21-days EMA is placed around this level.