2019.11.06 XAUUSD bearish bias
Updated
I think this year's high for gold vs USD is in, and now it is in distribution. The big push up was started by big buyers and then retail followed. The big buyers however don't look that they want to buy much more at current prices and retail alone is unable to, but provides nice liquidity to short sellers. However as the initial retrace caught too eager bears trapped, and it is quite possible that we still get a big bull trap as well, before breaking the "floor" of 1480 for good.
Therefore I move slowly and in small steps, trying to protect my positions. Overall I tend to be net short, but after yesterday's move down, I decreased my shorts and increased longs, putting me slightly net long for now until we get close to the triangle line, when I want to have long stops readjusted and short orders ready.
Therefore I move slowly and in small steps, trying to protect my positions. Overall I tend to be net short, but after yesterday's move down, I decreased my shorts and increased longs, putting me slightly net long for now until we get close to the triangle line, when I want to have long stops readjusted and short orders ready.
Trade active
"Floor" fell through.I expect retest of it from below and then lower towards the bearish target.
Adjusted positions accordingly.
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