Gold: In desperate search for a perfect triangle

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!

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On Break of Support Line a descending triangle formation will be formed...