Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will probably NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.

XAUUSD is taking on a beating and has been since August with every upturn meeting fresh offers from above 1530.

Spot has now broken below its established Daily range and resting above bids around 1450. As risks of further Fed rate hikes come off and now that there seems to be some traction on US-China trade talks, there are not a lot of reasons to be long gold or any other safe haven commodity in the meantime.

There’s also (weirdly enough) relatively less general volatility, again due in part to receding concerns over the US-China trade concerns and with the possibility of a hard Brexit being postponed to after Christmas.

But the general lack of volatility in November is not all that weird. It could be just setting up for even more illiquid conditions in the run-up to the Christmas holidays.