Gold's Overextended Rally: Time to Fade the Bullish Consensus

The Illusion of Continued Strength

Looking at XAU/USD, the current price sits at 2940.55, up 0.7% over the last 24 hours, with the market consensus firmly bullish. Many are piling into long positions, chasing this momentum. However, my analysis suggests this rally is becoming overextended. We've seen the day range peak at 2971.36, indicating strong resistance just shy of the critical psychological level of 3000. This area is a significant confluence point where I anticipate the upward momentum will exhaust itself. I am looking to fade