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Gold Spot / U.S. Dollar
Short

Short Gold

By diamkat
Updated
XAUUSD0.49% is in a short term downtrend channel and the fact that the majority of retail traders are positioned long gives a contrarian signal that XAUUSD0.49% may continue lower. Thus, we think that any short term rebound as the one we are using here to the weekly and monthly resistance may be a good short entry point.

Please feel free to make any suggestions.
Comment
Most retail traders changed their positions to short at the moment making the short trade less attractive. However, we will hold the position until the day trendline is broken.

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