Gold's Shine Fading: Intraday Short Play on XAU/USD

Hey KoraFX fam! Simran here, and today we're looking at gold, XAU/USD, which has been showing some serious weakness lately. The charts don't lie, and this one's looking like a beauty for an intraday short.

Technical Breakdown: Bearish Momentum

Currently, XAU/USD is trading around 2904.45, down a good -0.53% in the last 24 hours. That bearish trend is firmly in place, and we've seen it struggle to break above its daily highs, topping out around 2927.78 today. My plan is to catch a small bounce up to 2912 before entering a short. This gives us a slightly better entry within the existing downtrend. We're well below the recent resistance at 2950, which further confirms the downside pressure. Our stop loss will be placed strategically at 2949, just above that key resistance area, giving us enough room but protecting capital if the market decides to pull a fast one.

Fundamental Headwinds & Target Levels

On the fundamental side, a stronger USD narrative is picking up steam again, possibly fuelled by