Now that I've looked at the chart, on longer time frames I wouldn't be going long.
1. There's divergence.
2. It's still range bound and at the top of that range.
3. There's quite a few upper wicks signalling bears coming in.
4. Daily is at 200ma (not shown on this chart).
It's actually looking like a good short potential for someone like me, HOWEVER, the Fed (again) slightly altered their statements and the yield curve has also inverted (which is a tell-tale sign of an upcoming recession), not to mention there's potentially going to be a death cross on the stock market (another sign of long-term bear trend). Gold tends to run bullish in an economic downturn so it potentially could break upward as US awakens and starts panicking.
Again, I don't trade it, so good luck!
