Technical analysis by Alvin_Kennedy about Symbol PAXG: Sell recommendation (3/12/2024)

Gold technical analysis: Gold fluctuated and fell today, and the trend was basically in line with expectations. In the early trading, it suggested that 2182 was short to 2170 to leave the market. In the evening, the negative data rebounded around 2180 and was short again at 2168. Short positions were added to 2152 to leave. The current market is in a bullish upward trend. The market is oscillating sideways, and the operation cannot be treated as an upward trend for the time being. The current situation is that the gold price has fallen below the long-standing moving average, and the moving average will also have the momentum to form a dead cross. The layout of the market outlook is very simple. If it falls below, then it will rebound high. As for the shorting point, first refer to the one-hour inflection point pressure of 2168, and then the key platform pressure level of 2173 Gold's 1-hour moving average has begun to turn, and the upward breakthrough has not yet stood firm. Gold's 1-hour surge has fallen back to close the upper shadow line. The gold shorts have begun to exert their strength. The bulls can no longer completely control the home court. The gold shorts are now also going to show off their power. , gold fell and harvested as expected, gold fell after rising, the bulls lacked momentum, and the US rebound continued to dry up. On the whole, today's short-term operation of gold suggests that the rebound is mainly short, and the callback is supplemented by long. The top short-term focus is on the 2168-2173 first-line resistance, and the bottom short-term focus is on the 2147-2145 first-line support. Friends, you must keep up with the rhythm. It is necessary to control positions and stop loss issues, set stop losses strictly, and never resist orders. The recent market turmoil has been relatively large, and opportunities and risks coexist. Control risks and gain profits. 🎯Strategy 1: Go short when gold rebounds near 2168-2170, stop loss 6 points, target around 2155-2150, break the position and look at the 2145 line; 🎯Strategy 2: Go long when gold pulls back around 2145-2147, stop loss by 6 points, target around 2155-2160, and look at the 2165 line if the position is broken;Trade active: After the gold price falls and breaks through 2152, you can go short with the target set to 2147