Gold (XAU/USD) Short Setup - Rejection from Key Resistance
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I'm taking a short trade on Gold (XAU/USD) after price rejected a strong resistance zone around $2,922.74. This level has previously acted as support, but now it's serving as resistance after a break and retest. The rejection confirms bearish momentum, making it an ideal short entry.
Trade Details: Entry: $2,922.74 (Resistance Rejection) Stop-Loss: $2,929.45 (+6.71 points, 0.23%) Take-Profit: $2,896.35 (Risk/Reward Ratio: 4.13) Logic: Previous support flipped into resistance Strong rejection wicks at resistance level Bearish momentum with lower highs forming Favorable risk/reward ratio (4.13) Looking for a continuation down toward the $2,896.35 level. Let me know your thoughts on this setup! 📉🔥 #XAUUSD #Gold #Trading #ShortSetup