It is some bit of fascinating to see Gold
without the effect of a Brexit decision... A perfect Pennant
with an upside Target of 1375 USD. It is even more fascinating to see that the 105 USD upside breakout of the pennant
already happened! It was the Brexit decision. So should we really believe on another upside breakout...? I guess not. It is interesting to see that this interpretation also fit's to COT
data. Breakout is already "priced in" in the Commercials positioning, so rather expect a decline!