Technical analysis by Jerome-Leon about Symbol PAXG: Sell recommendation (4/22/2024)

Spot gold prices continued their sharp downward trend during the day, with gold prices effectively falling below the key level of $2,363 per ounce, which may open room for further falls in gold prices. Gold prices fell on Monday amid optimism that the conflict between Iran and Israel would not escalate further. In addition, market expectations for the Federal Reserve to cut interest rates have weakened, causing U.S. bond yields to remain at a high level, putting pressure on gold prices. As the price of gold fell below US$2,365.10 per ounce and reached the key support level of US$2,325.90 per ounce, the price of gold effectively fell below this level, which may trigger technical selling and push the price of gold down further to the round mark of US$2,300 per ounce.active tradeactive tradeactive tradeactive tradeactive trade