After falling to the low on the year at 1130, gold has rebounded but held below 1180, which was a 2013-2014 consolidation support before being broken in late October this year. Gold (XAU/USD) 1H Chart 11/13 (click to enlarge) Since retreating from about 1178, gold price has started to coil to a triangle. We should note that the prevailing trend is bearish, the moving averages still represent a bearish market, the RSI held below 60, which reflected the maintenance of the bearish momentum.Because of the bearish preference, a bullish breakout would signal a limited bullish outlook. For example, a break of the triangle simply opens up the 1178-1180 area, where we have to anticipate sellers. Above that, we should expect resistance around 1120. To the downside, a break below 1153 would open up the 1130 low on the year. The bearish outlook would be in-line with the prevailing trend, and target the 1100 psychological handle as the next support.