Spot gold has spent the past seven months in a tight trading range between $1,200 and $1,300 per ounce. Given the stored force inherent in such a trading pattern, history suggests a breakout, whether up or down, is likely to be characterized by steep slope. The question remains, which direction will gold follow? Given that a prominent macroeconomic development during the past several months has been perceived central-bank hawkishness, consensus appears to favor pending gold-price pressure. On the other hand, spot gold is now flirting with the $1,300 upward-trading-bound for the third time in five months.