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Q: What is the overall trend of Spot Gold? A: Bullish
Q: What is the current 7-day trend? A: Strong
Q: What is the current 14-day trend? A: Bullish
Q: Is there any opportunity for a short-term buy/long position? A: Yes, but be cautious. Aggressive buying is advised, but avoid chasing prices. Look for overshoots or failures to hold prior session range highs to short-sell back to the 8-EMA.
Q: What is the advice for the medium term (2 to 4 weeks)? A: Attempting to advance while in a bullish regime. If it pulls back, use the prior session close or the 8-EMA as an accumulation zone.
Q: What is the advice for the long term (5 to 8 weeks)? A: Buyers are in control, but weakness on lower time frames. Look for pullbacks to the 8 or 21-EMA (buy range) before the next move higher.
In summary: The price action model indicates a strong bullish trend for Spot Gold across all timeframes. While aggressive buying is encouraged, caution is advised to avoid chasing prices. Short-selling opportunities may arise during overshoots or failures to hold prior session range highs. In the medium term, pullbacks can be seen as accumulation zones. Long-term, buyers are in control, and pullbacks to the 8 or 21-EMA can be considered buy ranges.
Lester Davids
Analyst: Unum Capital
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