“In today’s market the traditional rules are out of order and there is nothing that can be classified as safe-haven, not even gold with its 5000 yrs tradition.”
This underlines that fundamentally gold has an undisputed recognition as a reserve asset, but just now, it does not function as it normally does.
Be flexible, and treat gold currency pair aka currency. Do not take it for granted that it is supposed to rise in bad times. It is not always, and we cannot really know when it follows the default rule, and when it does not.
But we can always apply the same rules of observation and market interpretation which are applied to the rest of the Fx market: follow the trend, reinforce it with fundamentals. If these do not work, go technical.
Once you have indications of a Key Northside reversal, buy.
Once you have a Southside move indicated, short.
Currently, from a purely technical perspective, a short-term upward correction is likely to happen because there is no fundamental reason to press on for a non-stop plunge while the hesitation at the current mark of at 1470 indicate an Northside-sideways mode.
Remember, No pain no gain!
The market does not force us to trade. So, if you have done your work, feel confident to do it, do it, you have all the instruments are available to help you today, I remember when we had to do everything by hand, there were few machines.
The market by minute, hour or day will always serve us with opportunities to make profits or hand us losses.
Have a healthy day