XAU/USD: Shorting the Top of This Range?

Market View & Setup

Hey folks, Diya here from Pune! Hope everyone's having a productive week. I've been keeping a close eye on XAU/USD (Gold) today, and it's really been in a sideways grind, bouncing between 2916.99 and 2935.07. Currently hovering around 2926.03, up just a bit at 0.21% for the day. My charts are showing a potential short opportunity here if we get a good rejection from the upper end of this range. I'm looking at an intraday short entry around 2930.

Technicals & Risk Management

For this setup, my entry is at 2930. We've seen resistance around 2935.07 today, and the price action suggests a potential move back down within this range. My stop loss is set at 2952 – crucial for keeping that risk conservative, you know? Protecting capital is always priority one. Charts don't lie, and while it's sideways, respecting these levels is key. For profit, I'm targeting 2897, which sits comfortably above the 2900 support level. This one's a beauty if it plays out as the range suggests.
Fundamentally, with the USD being a bit choppy and no major catalysts really pushing gold strongly in one direction, this sideways action makes sense. It highlights the importance of sticking to the technical levels for intraday trades. We have to acknowledge the uncertainty, but trust the process and those clear support and resistance zones.