GOLD: Weekly timeframe analysis and thoughts.
I am frequently asked about my opinion on investing in gold on current market prices.
though I have already expressed my opinion on this subject multiple times,
here is the answer from a different angle.
Analysing gold on weekly we can quite easily identify key structure levels that are important for the market participants.
Two major levels of support and resistance between which the market is trading right now are:
1560 and 1360.
We have a wide 200$ trading range.
Within this range there are multiple minor structure levels:
1520
1480
1440
1400
strictly keeping 40$ distance between them.
Because quite recently gold has reached a major level of resistance 1560
now we see a retracement.
for trend followers big question arises:
from which level we should expect a trend continuation?
for now, it is totally unclear.
but from this analysis we can derive totally different, but still valuable conclusion:
buying gold for long term investment purposes right now is not reasonable.
So, once again, think twice before investing in the overheated market.
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