XAU/USD: Bearish Momentum Continues, Targeting Lower Supports

Current View & Setup

Gold (XAU/USD) shows a clear bearish trend, currently trading at 2905.29, down -0.5% today (-14.71 points). The daily range, 2883.23 – 2927.35, indicates sellers are in control. I'm eyeing a short position, anticipating further downside.

Technical Read

My setup is a short entry at 2916. Price action suggests resistance around the 2927.35 daily high and the 2950 level is holding firm. My Stop Loss is set at 2969, a conservative buffer above these resistance points. The Take Profit target is 2837, just above the 2850 support, offering a clean risk/reward. Next major support is 2800.

Market Context

While I trade what the chart shows, persistent USD strength is a fundamental factor adding downward pressure on gold. This aligns with the bearish technicals. Levels are clear. Taking this trade.