We are seeing a somewhat recovery. But the overall medium term trend is down. And we need to act accordingly to the major trends.
This is a normal Dead Cat Bounce. And the ONLY way it will prove me wrong, is if it breaks out of the downtrend which will start a new uptrend.
So what could cause this uptrend? 1. Safe haven status becomes strong with gold again. 2. Israel and Palestine war over commercialises the public and people start taking their money out of stocks and risky assets and into Gold. 3. World stock markets crash and people can't help but invest in gold...
But right now, the trend is DOWN. So we'll stick with this trend and look for shorts only.