Gold's Downtrend Continues: Shorting XAU/USD on Intraday Bounce

Charting the Bearish Path

Hey everyone! Zeynep here, checking in from Izmir. XAU/USD has been on my radar, and it's looking pretty textbook bearish right now. We're currently sitting around 2901.4, down a solid -18.6 points (-0.64%) in the last 24 hours, and the daily range has been from 2873.5 to 2929.3. The overall trend is clearly pointing south, which aligns with what I'm seeing on the smaller timeframes. I'm waiting for a little pop higher before jumping in on a short. That 2929.3 level is acting as solid resistance, and I'm looking to enter close to that, specifically around 2915.

Trade Plan & Risk Management

My strategy for XAU/USD is an intraday short. The recent strength in the US Dollar, partly due to hawkish Fed chatter, is definitely putting pressure on gold, acting as a nice fundamental tailwind for this bearish move. My entry is planned for 2915. I'll be placing my stop loss at 2982 – that's safely above the key 2950 resistance level and gives us enough room in case of a false breakout. On the downside, I'm targeting 2815. This target is just above the stronger 2800 support level, offering a good risk-reward ratio. We've seen support at 2873.5 today, but if that breaks, the path to 2850 and then 2800 looks pretty clear. Always remember, trade what the chart shows, not what you hope for!