XAU/USD: Is Gold Ready for an Intraday Breather After This Run?

Gold's Current Vibe

Alright, traders, let's talk XAU/USD. Gold's been on a proper run, no doubt about it. We're sitting around 2930.7 right now, up 0.37% for the day. Can't make this up, the overall trend is definitely bullish. We touched 2946.76 earlier, which is proving to be a pretty strong resistance point, and we're definitely toward the upper end of today's 2914.65 – 2946.76 range. Everyone's pretty hyped about gold, but sometimes even the strongest bull needs to catch its breath, right?

My Intraday Short Play

So, while the long-term trend is up, I'm eyeing an intraday short here. My plan is to enter around 2936. Why? We're bumping up against that 2946.76 resistance, and even though the trend is bullish, I'm seeing signs of exhaustion on shorter timeframes. Maybe some profit-taking pressure is building, or perhaps we'll see a slight bounce in the dollar for a bit, giving gold a temporary dip. This isn't about fighting the trend overall, it's about catching a quick pullback. My stop loss is set at 2962 – gotta respect those levels – and I'm targeting 2885 for a take profit. That would bring us below the 2900 support, which isn't unheard of for a quick intraday move.

Risk & Reward

This is a classic setup right here for a potential short-term pullback. I'm looking for gold to retest some lower support, maybe even down to 2885, before potentially resuming its climb. Remember, trade what the chart shows, not your bias. Keep your risk managed with that 2962 stop loss. Let's see how this plays out!