It would seem only natural to want to short something that was sold off in such a devastating manner but if we take an unbiased look, Gold seems to be a better Long than a Short.
We saw a crushing selloff on Gold on Friday but if we take a look at the bigger picture, the uptrend remains intact and the price remains supported by the 100MAV on the weekly chart. The DXY shot up on an impulse but remains in a downtrend overall. Trade tensions are in full swing and another government shutdown looms. Yen looks to strengthen across. Taking the technicals and fundamentals into account, I feel Gold is a better Long position than a Short.
We saw a crushing selloff on Gold on Friday but if we take a look at the bigger picture, the uptrend remains intact and the price remains supported by the 100MAV on the weekly chart. The DXY shot up on an impulse but remains in a downtrend overall. Trade tensions are in full swing and another government shutdown looms. Yen looks to strengthen across. Taking the technicals and fundamentals into account, I feel Gold is a better Long position than a Short.
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Trade has been invalidated.