XAU/USD: Navigating Sideways Action with a Short Position Bias

Current Market Structure for Gold

XAU/USD is currently trading within a defined sideways trend, with the present price at 2914.28. The 24-hour change of -5.72 points (-0.2%) reflects this limited directional conviction. Our immediate range for the day has been between 2905.7 and 2922.86. The structure is clear: we are observing consolidation, which often precedes a more decisive move. While the market oscillates, it is crucial to identify potential inflection points for a tactical entry. My approach is to anticipate a move downwards from the upper bound of this consolidation.

Trade Setup and Rationale

Given the current sideways environment, I am setting up a position trade with a short bias on XAU/USD. My entry is planned at 2917, targeting a rejection from the immediate resistance at 2922.86. This level has held