Overall Trend:
Bullish: The 7-day and 14-day trends are both bullish. This suggests that the overall direction of the market is currently upwards.
Short-Term Price Action (1 to 10 Trading Days):
Aggressive Buying Underway: The model advises against chasing the price higher. Instead, it recommends looking for an overshoot or failure to hold prior session range highs to short-sell back to the 8-EMA. This suggests that the market might be overbought in the short term and a pullback could be imminent.
Medium-Term Price Action (2 to 4 Weeks):
Bullish Regime: The model indicates that the market is attempting to advance within a bullish regime. Traders are advised to use the prior session close or 8-EMA as an accumulation zone if the price pulls back. This suggests that the market is likely to continue its upward trend in the medium term.
Long-Term Price Action (5 to 8 Weeks):
Buyers in Control: The model suggests that buyers are in control, but weakness could be seen on lower time frames. Traders are advised to look for a pullback to the 8 or 21-EMA (buy range) before the next move higher. This suggests that the long-term trend is bullish, but there could be short-term corrections.
Overall, the model suggests that Spot Gold is currently in a bullish trend, but caution is advised in the short term. Traders should be prepared for potential pullbacks and look for opportunities to short-sell if the price overshoots or fails to hold prior session range highs. However, the medium-term outlook is bullish, and traders can look to accumulate on pullbacks to the 8-EMA. The long-term trend is also bullish, but traders should be prepared for potential corrections on lower time frames.
Lester Davids
Analyst: Unum Capital
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