The price of gold $XAU has been choppy. In fact it has been trading in a triangle since 2016. The daily chart below shows the slightly bullish triangle:XAU/USD Daily Chart(click to enlarge)Triangle and Pivot Support:- The daily chart shows that price is testing a previous support pivot as well as the rising triangle support.- A close below $1230 this week would likely be a clear breakout.- Note that the RSI is also below 30. - In a sideways market, we should anticipate some buying with XAU/USD around the $1240 price. - Now, if there is a rebound, we should first anticipate resistance in the $1280-$1300 area. - A break above $1300 revives the bullish outlook. Otherwise, we are in a sideways-bearish one.Rounded Bottom?- From the weekly chart we can see that the triangle is just a part of a larger period of consolidation.- This larger period of consolidation follows a bearish swing, but the overall long-term trend has been bullish since 2000. - When we look at the weekly chart, we see that price is actually still above the 200-week SMA, but is testing it now as it tests the triangle support.- This is why the $1230-$1240 area is key support this week, where I am anticipating at least a short-term bounce towards the $1280-$1300 area. - There might still be more choppiness and even another strong bear swing ahead, but the price action so far on the weekly chart provides a bullish long-term outlook.XAG/USD Weekly Chart(click to enlarge)