Technical analysis by winner-2008 about Symbol PAXG: Sell recommendation (3/12/2024)

Yesterday I said in my prediction that if the price of gold falls below $2,170, it will continue to fall. Today, the price fell below $2,170 after repeated fluctuations, with the lowest point reaching around $2,156. Judging from the 60-minute chart, the 20-day moving average and the 50-day moving average are about to form a death cross, and the MACD value has entered below the 0 axis. These two indicators indicate that a short-term downward trend has been formed. The trading strategy going forward is to go short near the resistance level. Focus on the resistance level of 2168-2171 US dollars. If the price rebounds to this range and does not break through 2171 US dollars, a short position can be established. The expected take-profit price below is in the range of 2148-2150 US dollars.