XAU/USD: Fading the Gold Rally as Overextension Nears Key Resistance

Technical Read: Approaching a High Probability Zone for Reversal

Gold (XAU/USD) has certainly enjoyed a strong run, showing a bullish trend and currently trading around 2940.83, up 0.71% over the last 24 hours. While the momentum is undeniable, I'm eyeing a contrarian setup for an intraday fade. My analysis indicates that this rally is becoming increasingly overextended as we approach significant resistance. The daily range high is at 2972.08, and just beyond that lies the crucial psychological level of 3000, followed by 3050. These are key areas where I anticipate sellers to step in.
My trading plan is to initiate a short position at 2951. This level is designed to catch a final push into