According to previous analysis, we mentioned that sellers may decide to close their positions as they took what they wanted, also a very strong support around 1050 which resist 3 separate days, causes a correction in Gold price and lifts it to 1110$ per ounce. A 38.2% Fibo level domain and also EMA100 which both rejecting price downward harshly.
According to figure and indicators, harsh bearish movement will not be continued like what happened in previous few days. Another 38.2 level test may occurs or at least a try towards it. Then based on market sentiment and pattern which will be shaped we can have more accurate look. For now a low volume put may be wiser than a short.