Gold's Bearish Momentum: Looking for a Short Play on XAU/USD

Hey KoraFX fam! Emily here, hope everyone's having a good week. XAU/USD has been on my radar, and I'm seeing a pretty sweet setup develop here for a swing trade. The overall trend is definitely bearish, and we're currently hovering around 2907.42 after that -0.43% drop yesterday.

Technical Read: Rejection at Resistance

So, we've seen Gold try to catch a bid, but it looks like resistance around the 2926.29 level is holding strong. My plan is to look for a short entry around 2916 if we see a retest and clear rejection there. This feels like a classic setup right here – price bouncing off a previous support-turned-resistance zone. The daily range has been 2888.54 — 2926.29, so we're right in the thick of it. I'm targeting the 2888.54 support first, then potentially down to 2850 for my Take Profit at 2848.

Risk Management & Fundamentals

As always, risk management is key, especially with Gold. I'm setting my Stop Loss fairly wide at 2961, just above the next key resistance at 2950, to give the trade some breathing room for this swing play. Fundamentally, with the USD showing some strength lately and maybe a bit of a risk-on sentiment in the broader market, Gold might struggle to find demand in the short to medium term. I'm still learning and keeping my eyes peeled, so what do you guys think? Anyone else eyeing XAU/USD shorts, or am I missing something? Let me