The end of August/early September has historically been an important turning point in the popular indices, especially when it comes to runaway moves and tests of highs.
The current pattern in Gold (GLD) echoes the notion of an upcoming turning point, as shown in this chart.
Of course, September ties to the 3-year anniversary of gold's all-time high at 1921, which was a time/price square-out as 1921 is 90 degrees square September 8.
The further gold moves into the apex of its current pennant, the likelihood that the power of the triangle has been diluted increases.
Consequently, I think we need to watch for a false move in either direction before we see the genuine move.
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