Gold's Bull Run Might Be Losing Its Shine: Looking for a Swing Short Setup

Gold Showing Signs of Fatigue?

Alright folks, let's talk about XAU/USD. Gold's been on a decent tear lately, currently chilling around 2940, up 20 points today, and we've seen it hit nearly 2970 in the day range. The overall trend is bullish, no doubt there. But you know me, I don't just follow the crowd; I trade what the chart shows, and sometimes that means looking for opportunities where others aren't. While it's been pushing, that 2969.99 resistance level, and especially the big psychological 3000 mark, are looking pretty strong up there. It feels a bit overextended, and I'm seeing some exhaustion after this recent run.

My XAU/USD Swing Short Play

So, despite the bullish trend, I'm eyeing a potential swing short on gold. I'm looking for an entry around 2950, waiting for a bit of a retest or a subtle sign of weakness around the current levels. My Stop Loss is set tight at 2998, just below that 3000 resistance, giving us some breathing room but keeping the risk managed. For a Take Profit, I'm targeting 2854, which brings us down near that 2850 support level. What could trigger this? Maybe some hawkish comments from the Fed or a stronger dollar could put pressure on gold. Or perhaps, just plain old profit-taking after this rally. This could be a classic setup for a healthy pullback. Let's see if this play develops over the next few days. Keep your eyes peeled!