After a tumultuous week gold once again found support near $1290 and posted an impressive rebound to close the week:

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Gold_Daily_7.26.2014

A bullish engulfing candlestick on Friday along with the promise of the seasonally bullish August/September months being right around the corner offer gold bulls plenty to be smiling about this weekend:

Gold_SeasonalitySource: Casey Research

Meanwhile, the weekly chart now shows a symmetrical triangle forming within a larger inverse head & shoulders pattern:

Gold_Weekly_7.26.2014

A decisive move above $1350 would go a long way towards a bullish resolution to both of these patterns. Will August be the month that gold finally breaks out into a new uptrend?