XAU/USD: Watching Gold Bounce Off Resistance – My Short Swing Idea

Technical Setup: The Sideways Grind

Hey KoraFX fam! Hope you're all having a solid trading week. I've been keeping a close eye on Gold (XAU/USD) today, and it’s been a bit of a sideways chop, hasn't it? We're currently sitting around 2917.42, right in the middle of its day range between 2913.55 and 2921.29. What I'm seeing is price struggling a bit up at the higher end of that range, near the 2921.29 resistance. It's almost a classic setup right here, especially with that slight negative 24h change (-0.09%).

My Swing Trade Idea

Given that resistance and the general sideways trend, I'm leaning towards a short swing trade. My entry is planned for 2919, just under that 2921.29 resistance level. I've placed a conservative stop loss at 2928 – gotta protect the capital, you know? For my take profit, I'm targeting 2905, looking for price to dip past the day's low of 2913.55 and test that next potential support. Gold has been a bit choppy, so I'm staying nimble. What are your thoughts on XAU/USD for the rest of the week? Always keen to hear other perspectives!