In order know if it is a good time to buy good, we need to know the price behaviours of consumers. I have chosen to use USD/OZ (USA holds the biggest gold reserves).
Market trend on the Monthly Chart has broke of a 8 year bull trend, making a bearish trend. As you can see market has failed to make higher high in 2016 while making a strong bearish candlestick. Thereafter, market build up (demand) became weak and show signs on bearish trend continuation pattern.
On the Weekly Chart, market has just formed a double top (aligning with monthly analysis), giving market a higher probability to trend bearishly. Additionally, market has also failed to break recent high.
On the Daily Chart, market seems to be in a bullish trend that has just been stopped due to the double top. A market execution trade will put you in a ......