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:

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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