The price of gold in US Dollars $XAUUSD has been in a consolidation phase after a bullish run that began in August 2018 and ran through most of February 2019. Ot tagged $1160 in 2018 and came up to a 2019 high around $1345 before consolidating. The daily chart shows the consolidation pattern, which was somewhere between a descending triangle and a falling wedge. XAU/USD Daily Chart (click to enlarge) Bullish Breakout:- First note that XAU/USD maintained a bullish structure as price remained above the 200-day simple moving average (SMA) and respected a rising trendline support.- The RSI held mostly above 40, which reflects maintenance of the prevailing bullish momentum.- Furthermore, we saw some double bottom action at the end of April and start of May. This week, price extended from this double bottom, and broke above a falling resistance.- Price seems to be retreating from $1300 during the 5/14 session, but I think $1285 will provide support if XAUUSD is truly in a bullish breakout.Target:- If this is a true bullish breakout, we can expect price to retest the $1340-$1345 highs. - Because the market showed resilience through a period of consolidation, it is likely going to break these highs and push to the next resistance around $1360 (2017 highs) or even 1370 (2016 highs) XAUUSD Weekly Chart (click to enlarge)