After today's $23 decline gold is at a key juncture - here are the most important charts:

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Gold (Daily) - testing bottom rail of downtrending channel

Gold_Daily

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

Gold_Weekly_2-year

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

Gold_Weekly_6-year

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.