XAU/USD: Shorting Resistance in a Sideways Market

Current Market Posture and Technical Rationale

XAU/USD is currently trading at 2923.76, having seen a slight upward movement of 0.13% over the past 24 hours. However, the overarching trend remains sideways, as evidenced by the tight Day Range between 2918.12 and 2929.39. We are observing price action consolidating directly beneath a key resistance level at 2929.39. My analysis indicates a potential rejection from this upper boundary of the current range.
Given this context, I am initiating a short position at 2926 for a position timeframe. This entry point strategically places us just below the immediate resistance level, anticipating that the price will struggle to