XAUUSD has been bullish for months and now the price failed several times in breaking up the long term resistance level. We are looking for a short setup around 1480 where the price sharply broke down from 1500, there's a good chance the price will retest 1480 and goes down sharply AGAIN. With the holiday season, usually the market keeps going up and the risk relieves, we will see institutions reduce their long positions in gold and speculators will even go short here.