Gold has been in a ridiculous spiky range for a long time (many months). But I believe that it is finally setting up a tradeable pattern.
The image above shows the pattern - basically a nice congestion with converging trend-lines consisting of 5+ touch points. I'd prefer an upside breakout since that would be a clearer breakout. But, a close below 1180 (basis CME/NYBOT August Gold Contract - usually symbol GCQ15) would be considered a downside breakout. In that case a stop of around 1190 would be prudent.