XAU/USD: Riding the Bearish Wave Intraday? My Short Idea

Market Scan & Trend Check

Hey KoraFX fam! Chaeyoung here, just diving into XAU/USD today. Gold's currently sitting at 2910.7, and honestly, the vibes are pretty bearish right now. We've seen a -0.32% drop over the last 24 hours, which tells me sellers are definitely in control. The day range high of 2924.65 couldn't hold, and it feels like there's more downside to come.

My Intraday Short Setup

Given this consistent bearish trend, I'm looking for a short opportunity on an intraday timeframe. My plan is to enter a short around 2917. This would be a classic setup right here, catching a small retrace higher within the broader downtrend. I'll place my stop loss at 2950 – that's a key resistance level, and if price pushes past there, my thesis is probably busted. For take profit, I'm targeting 2867. This level is nicely below the immediate support at 2896.74 and aims for the area before the next major support at 2850. Can't make this up, the charts are looking pretty clear for this one!

Conservative Approach & Opinions

As always, I'm keeping my risk pretty conservative. This setup gives me a decent risk-reward ratio, especially since we're trading with the prevailing trend. I'm still learning every day, so I'd love to hear your