Gold $XAU continues to rally and has broken above a key resistance around $1360-$1375. We previously noted that this was a key resistance and that holding under it would keep gold in consolidation mode.Gold 4H Chart(click to enlarge)Weak-USD Story:- The recent rally extended during the 6/19 session after the FOMC meeting. While the Fed held rates, chairman Jerome Powell sounded dovish, which caused a bout of USD-weakness (USD/JPY broke below key support at 108).- A weaker USD of course strengthens the price of gold priced in USD. Bullish breakout:- On the weekly chart, we can see a market that has shifted from a bearish trend to a sideways one since 2016. - Since 2016, price has been able to make higher lows. However, the high has been stuck around 1375 or lower.- This week, price has cleared this high since 2016 and is essentially signaling a completion of an accumulation pattern. We can call it a rounded-bottom.- I think $1400 will still be key in this breakout.- Meanwhile, if price starts to hold above $1350, we can see a strong case for a break above $1400.- But bullish outlook should not involve price falling back below $1300. - I think a clear break above 1400 opens up the 1500-1550 area, which was the neckline, or support area of the 2011-2013 price top. (see monthly chart below).Gold Weekly Chart(click to enlarge)Gold Monthly Chart(click to enlarge)