XAU/USD: A Calculated Short Opportunity Despite Bullish Momentum

Market Overview and Technical Rationale

The XAU/USD pair currently trades at 2931.2, reflecting a 0.38% gain over the last 24 hours and maintaining a broader bullish trend. We have seen price action pushing towards the upper end of the day range, which is 2948.01. While the overall trend is undeniably bullish, I am observing clear signs of potential exhaustion as the asset approaches significant short-term resistance. My analysis suggests that the current price point is testing resistance, specifically around the 2948.01 level. This presents a tactical opportunity for a short position, anticipating a pullback within the broader upward channel. My entry at 2937 is strategically placed to capture a rejection or a temporary consolidation phase near this resistance.
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