https://www.tradingview.com/x/pv4vqqqR/ Yesterday, gold experienced extreme volatility, surging before a sharp sell-off. Today, the market should see less fluctuation as much of the news has been priced in. However, another key report is expected during New York trading hours, and I believe short positions will be more favorable following its release.
Before the data comes out, a long position could be effective, given the steep decline yesterday. There is likely to be a corrective bounce as buyers step in to capitalize on the sharp drop, so I see going long ahead of the news as a good move.