Gold has seen fall from $1900 per ounce in year 2011 to $1100 in year 2014.
Price is retraced to 38.2% Bull FIB drawn from 2008 Bottom to top in 2011.(not shown in attachment)
Market is famous for deception. Making crowd believe its heading in one direction and preparing for a move in the opposite direction.
Price action prints false breaks when such move is in the making.
Looks like similar move is in process in gold as well. It has broken support at $1200 and printing reversal pattern on chart.
Break and close above $1300 with increased volumes will confirm this bullish bias.
Lets see whats in store in 2015.
Wish all readers Prosperous New Year
Price is retraced to 38.2% Bull FIB drawn from 2008 Bottom to top in 2011.(not shown in attachment)
Market is famous for deception. Making crowd believe its heading in one direction and preparing for a move in the opposite direction.
Price action prints false breaks when such move is in the making.
Looks like similar move is in process in gold as well. It has broken support at $1200 and printing reversal pattern on chart.
Break and close above $1300 with increased volumes will confirm this bullish bias.
Lets see whats in store in 2015.
Wish all readers Prosperous New Year
