A couple of weeks ago, I noted that gold price $XAUUSD was in a bullish breakout. Gold Price (XAU/USD) Tags $1300 in a Bullish BreakoutSince then, price has retreated from the $1300 pivot. I noted that $1285 should provide some support for a bullish outlook. Price retreated further and found support around $1270 instead. XAU/USD Daily Chart(click to enlarge)Bullish Breakout Still Valid- The bullish breakout was weak. While price did break above the late April high around $1285, it could not break $1300.- The pullback was also deeper than what a bullish market should allow.- However, the fact that price found support around $1270 and was able to avoid the previous low around $1268 shows an ability to form a higher low. - Price is still choppy, but this slightly higher low is a subtle clue that the market could be shifting from a bearish market to at least a sideways one if not a bullish one.- Besides this "bearish market" is really referring to the slide from the April higher just above $1340. - This slide has been choppy relative to the prevailing rally - it looked like a falling wedge.- Thus, I believe the bullish outlook is still valid. - Furthermore, the RSI has been holding above 40 for the most part, and avoided dipping to 30. This shows some bullish bias as well.Upside:- I think once price can clear $1300, there will be upside to $1340 and possibly higher.- When we look at the weekly chart, we can see that price action has been in consolidation mode since 2016 when price found resistance just above $1370.- I think we should limit the bullish outlook to the $1360-$1370 resistance area for this next bullish swing above $1300.XAU/USD Weekly Chart(click to enlarge)