Technical analysis by James-Bennett about Symbol PAXG: Sell recommendation (4/23/2024)

Hello dear traders! Overall, it appears that the market maker has strong sellers emerging in the market and they are building limited resistance areas. The market is not yet ready to break above 2400. It is currently trading at $2300, selling since the beginning of the session, highlighting a 1.14% decline on the day. The price is testing the local low and forming an entry point into the risk zone. Shaking is possible before next fall. About basic news: World gold prices reversed and fell vertically in the context of tensions between Iran and Israel not escalating. From there, investors reduce the need for safe haven capital in precious metals. Another development is that US stocks have returned to the green floor when the Dowjones index increased 253 points, S&P 500 increased 43 points and Nasdaq increased 169 points. Accordingly, many people focus their capital on stocks, causing very little money to flow into the gold market. Today's world gold price "evaporates" by tens of USD/ounce, which is inevitable. Conclusion: Personally, I am still quite optimistic about the wave of gold price decline. I mentioned earlier that gold is ready to attract a large number of sellers to test the market's liquidity at the expense of buyers. Fundamentally and technically the market is showing weakness, so we can expect a bearish scenario at the moment. Currently, what is worth noting is the 2300 USD area, there may be a tug of war between buyers and sellers fighting for lower levels, most likely the price will test the 2326 USD area before falling further. James remains strongly bullish in the short term, once the $2300 support level is completely broken on the hourly timeframe, there will be nothing to stop XAU from falling further.Trade activeTrade activeComment:Comment: Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.Comment: Traders look ahead to a flash global PMI print on Tuesday, along with the previous US Q1 GDP report and the US Personal Consumption Expenditures Price Index (PCE) later this week, will bring new impetus.Comment: Gold reversed course and rose to the $2,320 area, erasing most of its daily losses in the process. Benchmark 10-year US Treasury yields remain in the red below 4.6% following weak US PMI data and XAU/USD support.Trade activeComment: