FX:XAUUSD   Gold Spot / U.S. Dollar
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.