The above is 60 day's gold price.
What does it show?
It shows the trend of the gold price for the past 60 days (2 months). Do you notice that it is moving downwards sideways? This means that the price NOW is cheaper than the price 2 months' ago.
Some might think that the price will move downwards again. It might and it might not. Nobody can time the market. But you can see the chart below.
The chart above is the weekly gold price from Instatrader.
The gold price peaked on 6th September, 2011 at USD1919.80/oz.. The lowest point after that is on 29th December, 2011 at USD1521.70.
I did Fibonacci Retracement from the peak to the bottom and get certain levels.Gold prices closes at USD1661.90. The last bar is a green bar with a long leg. That indicate that the price will go up.
If you know how to read Fibo, the price has reduced until 61.8% and that is a very strong support. It is a high possibility that the price will go up next week.
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