Technical analysis by winner-2008 about Symbol PAXG: Sell recommendation (3/14/2024)

Gold will fall towards $2148 Today's PPI data exceeded expectations, indicating that the road ahead for Fed policymakers seeking to make greater progress in fighting inflation will not be smooth. Previously released U.S. CPI data showed that the overall inflation rate exceeded expectations for the second consecutive month, once again confirming the market's expectation that the Federal Reserve will not be in a hurry to cut interest rates. Several categories in the PPI report are also used to measure the PCE data favored by the Fed, which will be released later this month. Among them, the cost of service industry increased by 0.3%, and the investment portfolio management fee, which is a key component of PCE, increased by 0.2%, falling sharply from the previous month. Hospital outpatient expenses increased by 0.5%. Prices paid to producers for goods rose 1.2%, the first increase in five months. Judging from the 60-minute chart, the price did not break through 2,180 US dollars yesterday. Today, it fell directly below 2,168 US dollars after the PPI data was released. It has entered a short trend in the short term, so it is not recommended to open long orders now. Trading advice: You can wait for the price to rebound to the $2165-2168 range to establish a short position. If the price rises above $2,168, short orders need to be stopped.