Any quick and big bounce due to geopolitical drama will be short-lived as long as US interest rates are following upward trajectory. I have been trading Gold from both sides depending upon the situation but my personal long-term bias is towards downward.
Why the money should be parked in Gold where other assets are giving great returns? ( I am talking about in US dollar terms. For emerging markets it might be a different story where tumbling currency gives the feeling of rising Gold price and buying Gold makes sense to them ). Gold and silver are not going to fly high unless there is another financial crisis. During that situation one will get enough time to get on board because it won’t be $30 / $50 rally but it will be another $1000 upside. But until then, here is the strategy I have been following with perfect success.
– On a news driven rally, let the steam go out and short from good resistance point. ( Currently 1320 and 1350 )
– From buy side, look for the slide to get exhausted near established support. ( Current range to trade it from buy side is 1160 – 1200 )