Gold price today down again touched a low of 1586

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Gold price today down again touched a low of 1586
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Gold price per ounce went down once again and touched a low of 1586 before going up

Is gold per ounce going to come down $1600 mark? Yes there are indications of that and you would see that despite rise and fall in the gold price in the world markets, gold prices are going to go down further.

The sudden rise in the gold price was unnatural and it is going to stabilize below $1550 mark in the coming days and is not going to reach $2000 per ounce as many people were dreaming.

Today gold prices per ounce came down by 42 dollars to a level of 1612.62 dollars. At one point it had gone down to as low as $1585.

Gold prices are going to come down further as US dollar become stronger against other currencies in the coming days.

Meanwhile silver prices are still going down in the international market. After going up to record high this year, silver prices have come down sharply.

On the other hand panic buying of gold seems to have passed now. There is no panic buying or panic selling as it would have shown on the market prices of gold. Despite Greece crisis continuing, people haven’t rushed to buy gold as used to be the case earlier.

A market expert says, “Normally when you start to see the number of bears exceed the number of bulls, and we have seen that by a modest margin the past three weeks, that generally signals the end of a correction or at least the area of a bottom. That is also what we saw at the end of August, 2010, after about three and a half months of sideways trading at that time.”....RESOURCES