Gold's Bearish Momentum: My Intraday Short Setup on XAU/USD

What's up, KoraFX fam? Hope everyone's having a good trading week. I've been eyeing XAU/USD today, and it's looking pretty bearish, sitting around 2905.69 right now. The market has already dropped about -0.49% over the last 24 hours, hitting a low of 2884.22. This looks juicy for a quick intraday move if we're patient.

Technical Read

The trend is clearly bearish, and gold has struggled to hold above the 2927.16 resistance we saw earlier in the day. My game plan is to look for a retest or a slight bounce towards 2916 for an entry. If it can't push past that, I'm shorting. My stop loss will be at 2968, which is safely above the 2950 resistance, giving us some room. For the take profit, I'm aiming for 2839, just above the 2850 support level. This keeps my risk conservative, you know how I roll. Easy money if you're patient!

Fundamental Watch & Risk Management

On the fundamental side, it seems like a stronger USD might be putting pressure on gold, or perhaps some general risk-on sentiment in the broader market. Either way, the charts are showing weakness, and