Gold is in a downtrend on the daily chart. We see lower highs and lower lows since the precious metal traded at $1800 in October.
The weekly chart shows the precious metal being stuck in a huge range between $1530 and $1800. The market is roughly at the mid of this range now. The direction of exit from this range, whenever it occurs, will be crucial for gold’s long term trend.
From a short-term trader’s perspective I favor a short position, given the current downtrend.
Fundamentally, however, I am a big gold fan. Gold is a great inflation hedge for mindful investors, especially given all this money printing by central banks in all advanced economies.