VasilyPonomarev
Long

GOLD: Weekly timeframe analysis and thoughts.

OANDA:XAUUSD   Gold Spot / U.S. Dollar

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.
✅My Twitter: https://twitter.com/VasilyTrader
✅FREE Telegram https://t.me/VasilyTrading (Text me for VIP private group)
✅Your personal trading coach. Contact me for one-on-one online trading sessions.
share your ideas/thoughts/questions here!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out