XAU/USD Short Analysis

Technical Overview:
1. Key Resistance Area:
- The price has reached a resistance zone near $2,922 - $2,917, indicated by the red arrow.
- This is a historical supply zone where sellers previously pushed the price lower.

2. Support Levels & Take Profit (TP) Zones:
- TP 1 (First Target): Around $2,891.528, marked by a green support zone.
- TP 2 (Second Target): Around $2,860.277, representing another level of expected buying interest.
- TP 3 (Third Target): Near $2,829.365, indicating a strong demand zone.

3. Pattern & Market Structure:
- The market previously formed a rising wedge, which is often a bearish signal.
- A breakdown from this pattern led to a retest of the resistance zone.
- The current move suggests a potential rejection from resistance, signaling a possible downward move.

4. Trading Bias:
- Bearish bias if rejection holds at the resistance zone.
- Confirmation would require a break below the nearest support around $2,900.
- A move above $2,922 could invalidate the bearish setup, leading to further upside.

Trade Strategy Consideration:
- Entry:Short position near resistance ($2,917 - $2,922).
- Targets: TP1 ($2,891), TP2 ($2,860), TP3 ($2,829).
- Stop-Loss: Above $2,923 to protect against breakout moves.

This analysis suggests a potential short opportunityif the price respects resistance, with downside targets at support zones. However, monitoring price action is key to confirming the move.