Gold at Key Technical Juncture

After tueday’s $23 decline gold is at a key juncture – here are the most important charts:

                                  Gold (Daily) – testing bottom rail of downtrending channel

Gold (Weekly) – H&S bottom with key support at $1240

Gold (Weekly) – break of multi-month symmetrical triangle targets ~$1050

There can be no doubt that gold is at a critical moment which could very well decide the next $200 directional move for the yellow metal. Moreover, the fact that September is the most bullish month for gold historically makes the current situation all the more intriguing.