XAU/USD: Short-Term Pullback Imminent as Key Resistance Holds Strong

Technical Read: Sideways Grind and Resistance Rejection

Alright everyone, Lina here with a look at XAU/USD. While my long-term outlook for Gold remains undeniably bullish, the current market structure suggests we're ripe for a short-term correction, offering a compelling swing trade opportunity.
Gold has been caught in a sideways trend, and we've seen it struggle significantly around the 2920s. The current price of 2911.75 is quite telling; we've been unable to break past the immediate resistance at 2924.13, which also served as the day's high. The 24-hour change showing a modest dip of -0.28% and the current day range between 2899.36 and 2924.13 reinforce this struggle. My analysis indicates that institutional order flow is pushing price back from these higher levels. We are looking for an entry around 2916, anticipating a retest of this immediate resistance zone before a move lower. My stop loss is placed firmly at 2936, just above the 2924.