XAU/USD: Watching for a Pullback from Resistance

Gold's Bullish Run Meets Key Levels

XAU/USD currently sits at 2930.72, maintaining its bullish trend with a 0.37% gain today. However, we're approaching significant resistance. The daily range high of 2946.8 is a clear hurdle. While the market is trending up, I'm seeing signs for a potential short-term pullback.

Short Setup: Playing the Rejection

My trade setup is a swing short on XAU/USD. I'm looking for an entry at 2938, just below the 2946.8 resistance. This aligns with a potential rejection from these higher levels. A strong dollar or profit-taking after this rally could be the fundamental catalysts. My Stop Loss is set at 2977, giving it room, and the Take Profit target is 2880, aiming for a retest of the 2900 support zone.

Objective View

The charts show us nearing a tough resistance at 2946.8, with 3000 overhead. While the overall trend is bullish, conservative risk management dictates playing the levels. Let's see if this resistance holds. Simple is best.