Shorting gold will be difficult in my opinion. If I decide to short depending on the close of the 4hr candle (as my indicated level shows) I will keep stops tight. I could see a possible sharp reversal due to strong demand at 1290 - 1300. If 1280 - 1290 breaks then my key buying target is around 1260. A sharp rise from current prices (which I view as unlikely) would not indicate a buy. What's required for me to have a buy signal is range bound horizontal trading followed by a solid break. This will reduce risk/reduce chop, and increase probability of success. Long story short. Best to stay away for now until better signals come in.
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Will update how I plan on approaching gold from here on a larger time frame (Daily).
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I've been long in the form of silver, since silver is a higher beta asset with nearly perfect correlation. Silver / gold ratio is at a historical low (80 ounces of silver for 1 ounce of gold). Be long the strongest when long a certain market...