XAU/USD: Short Bias Emerges Amidst Sideways Consolidation and Macro Headwinds

Technical Overview and Entry Rationale

The XAU/USD pair is currently consolidating within a sideways trend, trading at 2912.81, showing a modest 24-hour decline of 0.25%. The day range has been narrow, between 2902.03 and 2923.59, indicating a lack of strong conviction from either bulls or bears in the immediate term. My analysis, however, identifies a potential for a downside move on a position timeframe.
The immediate resistance level is identified at 2923.59. My proposed entry for a short position at 2916 is strategically placed below this key resistance, anticipating a rejection of upward momentum. The Stop Loss is set at 2933, which is a prudent level just above the immediate resistance and offers a buffer before the next significant resistance at 2950. This setup aims to capitalize on any sustained