Technical analysis by FOREX-FLOWS-GROWL about Symbol PAXG: Sell recommendation (3/5/2024)

Today's world gold price listed on Kitco is at 2,114 USD/ounce, up 37 USD/ounce compared to early yesterday morning. Thus, the world gold price has set a new peak when it surpassed the threshold of 2,114 USD/ounce, this is the highest threshold ever. The previous peak was set in early December 2023 at a price of 2,110 USD/ounce. Gold prices reached a new peak today thanks to increased expectations that the US Federal Reserve (Fed) will loosen monetary policy. High inflation scenarios are also beneficial for gold. According to him, persistently high inflation could make investors lose confidence in the US Central Bank, weaken the dollar and make gold an attractive asset. Besides interest rate expectations, rising geopolitical tensions are also another catalyst driving gold's current rally. The next important economic information awaited by the market is the February jobs report to be released on Friday. This data is expected to impact expectations of interest rate cuts in the US.