Gold has been bullish since August 2018. Most recently, we observed a breakout above a key resistance in the $1360-$1375. We also noted that the next resistance was going to be around $1400 area.XAU/USD Daily Chart(click to enlarge)Bullish Breakout from Resistance:- As we can see on the daily chart, price stalled under $1435 and consolidated around $1400.- After consolidating in a triangle pattern,. price broke above the consolidation pattern and above the $1435 resistance. - In the previous analysis, we noted that a bullish breakout from the $1400 area will open up $1500 or $1550. - There is going to be a key support/resistance area around $1575. I believe we should limit our bullish outlook to this $1575-$1600 area. - I think now that price is anchoring above $1400 in this bullish scenario, so $1400 is now a potential support. - I have a small position of GLD when it was around $122, which is when XAU/USD was around $1300. - I have plans to exit when GLD is around $150, which would be when XAU/USD approaches that $1550 area. XAU/USD Weekly Chart(click to enlarge)