At the turn of the year gold was forming a double bottom, which was completed by the start of 2015. Last week, we saw a bit of consolidation after the double bottom breakout, but after the NPF, price returned to its bullish dynamic.Gold (XAU/USD) 4H Chart 1/13(click to enlarge)The breakout in the 4H chart is also a breakout in the daily chart.Gold (XAU/USD) Daily Chart 1/13(click to enlarge) The daily chart shows the market breaking above a couple of falling trendlines coming down from July's high around 1345. Now, the short-term target/resistance will be around 1255, a previous resistance pivot and where the 200-day SMA resides.Above 1255, the area around 1275 will be a support/resistance pivot area, and probably where price will meet a falling trendline coming down from the 2014-high near 1388.50.