Hi Pic. Thanks for the interesting and thought-provoking information as always. The date range you've indicated especially caught my eye because according to my calculations Gold could take off as early as August 9th - exactly 1 day after the end of the range you quoted!

Without having seen your post, I printed off a daily chart this morning, and began looking for dates when a window opens for Gold to break up and out of the current trading channel, defined as Sept 09 to date, and move decisively above $1270. (as an aside $1278 is coincidentally or not one of Jim Sinclair's golden magnets!)

At any rate based on the fine works of the infamous New York waiter Carlo Fibonacci, the door opens for Ole Yeller between Monday August 09 & Thursday August 19. Simply put, this window is computed by the numbers of days Gold has traded within the current parallel formation and it opens as soon as August 09 after ranging for 233 (Fib) days and is a fairly reliable tool.

Yet this event is still a month away which affords the Cartel some further room to "ply their trade." As such $1170 is squarely in their cross-sights (20-month uptrend line), but if that should fail due to the usual shenanigans, then not to worry as both $1125 and $1080 represent very significant support junctures - especially when combined with ever increasing flows of the wealthy seeking protection from questionable quality of OECD Sovereign debt instruments.

Thanks again for the interesting post Pic!