XAU/USD: Bearish Outlook with a Short Opportunity on Resistance Retest

Market Context and Technical Analysis

Gold (XAU/USD) has been experiencing significant downward pressure, reflecting a prevailing bearish trend. The market is currently trading at 2899.07, having declined by -0.72% over the last 24 hours. The day range, spanning from 2867.68 to 2930.46, indicates considerable volatility, but with a clear bias towards lower prices. From a technical standpoint, the price action suggests that resistance levels around 2930.46 and 2950 are holding firm, indicating a strong presence of sellers at these higher