Trade Idea: XAUUSD SHORT (SELL STOP)

Technical Analysis:
1. Daily Chart:
• Strong uptrend with price near resistance at 2931.99.
• MACD is bullish but shows signs of slowing momentum.
• RSI is at 70.66, indicating overbought conditions and a potential pullback.
2. 15-Minute Chart:
• Recent strong upward move approaching resistance.
• MACD shows weakening momentum.
• RSI is nearing overbought territory, suggesting a short-term pullback.
3. 3-Minute Chart:
• Price rejected at 2934.20 and forming a minor downtrend.
• MACD is bearish, and RSI is recovering from oversold, indicating a possible continuation downward before any rebound.

Fundamental Analysis:
• Gold’s recent rally is likely fueled by safe-haven demand and macroeconomic factors, but current overbought technicals suggest a short-term pullback.
• Potential profit-taking at current levels could trigger a short-term retracement.

Trade Idea: Short Position
• Entry: 2931.00 (after confirmation of a rejection from resistance)
• Stop Loss (SL): 2936.00 (above recent high for protection)
• Take Profit (TP): 2921.00 (near previous support level)
• Risk-Reward Ratio: 2:1 XAUUSD