XAU/USD: Watching for a Pullback from Resistance

Market Context & Technicals

XAU/USD is showing a bullish trend, currently trading around 2934.09 after a 0.48% gain. The daily range has seen highs at 2955.22. While the trend is up, I'm eyeing a potential short-term pullback from these resistance levels. The market often tests these highs before deciding its next move.

Trade Idea: Short Gold

My analysis suggests a short opportunity here. We're near the daily resistance at 2955.22. If we see some USD strength or a general shift towards risk-on sentiment, gold could pull back. My short entry is at 2944. My Stop Loss is set at 2995, just above the 3000 psychological resistance. Taking Profit target is 2868, aiming for a move towards the 2850 support. The levels are clear on this setup.