Gold retraced 61.8% of the previous rise and is forming a base. It is making a lower top and higher bottom pattern, indicating the formation of triangular pattern. In the near term, gold is likely to consolidate between 1265 and 1288. If it breaks above the recent high of 1288, then it is likely to rise towards 1300-1306 whereas on the way down, if breaks and sustain below 1265, then it can drift lower towards 1250. The daily momentum indicator is bullish.