The gold market is currently experiencing multi-year lows in volatility within the context of a range-bound oscillation:

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Gold_Daily_5.23.2014

A near perfect symmetrical triangle has formed during the past two months as the range has continued to narrow with an increasing focus on the $1300 level. 

While the current period of tranquility may last for another couple of weeks, it is likely to be remembered as the calm before the storm. In recent gold market history (the past decade), every time that the 50 & 200 day simple moving averages began to flatten and cluster close together it preceded a large directional move (2005, 2007, 2012, 2013). Will this time be different?