I'm completely new to looking at charts - first visual was when this blog started, so bear with me.
The daily chart to me looks like a pattern is forming (end of Jan start) with 1.5 month, 10% gain; followed by 2 weeks, 5% correction, followed by consolidating 2/3 weeks. Does this look correct and should we be expecting 1640 gold mid August, followed by 1560 gold at the end of August? Or are patterns like this fleeting and non-repeatable (to make up a word)?
I'm trying to use bollinger bands, and they seem to agree with this assessment. Key word being trying.
Thanks in advance