XAU/USD Intraday Short: Playing the Range Off Resistance

Watching Gold at the Top of its Range

Hey KoraFX fam! Emily here, taking a look at XAU/USD today. Gold's been pretty sideways lately, currently hovering around 2921.58. The daily range has been pretty tight too, between 2919.21 and 2923.94. I'm eyeing a potential intraday short here. My entry is set for 2923, just under that intraday resistance at 2923.94. If it rejects there, that's a classic setup right here for a move back down.

My Setup & Risk Management

So, the plan is to short at 2923, looking for a quick scalp. My stop loss is pretty tight at 2929 – keeping it conservative, just above the daily high, because I'm not looking for a breakout right now. My take profit is set for 2914, aiming to catch a move below that 2919.21 support level. Fundamentally, with the market currently consolidating, it feels like there isn't a strong catalyst pushing gold higher right now, so a rejection off this resistance zone makes sense until we see a clearer directional bias. What do you all think? Am I missing anything obvious here? Still learning and always appreciate other perspectives!