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

Hello dear traders! The XAUUSD correction continues to build. The price broke through the $2356 support level as we expected as measured by the 0.5 Fibonacci. The price quickly dropped to 2,300 USD and stalled above this level for a few hours. At the time of this article, the price was trading stably at 2,309 USD, marking a decrease of 0.75% on the day. It is worth noting that the 2300-2296 support zone is being held by the bulls in the short term after the previous sharp decline, it seems that the market maker is trying to bounce back before falling further, possibly controlling Retesting the resistance level at 2342 USD, Fibonacci also pointed out that strong selling pressure is likely to occur from this area, to capture liquidity. The consolidation formed below this line, in general, determines for us a medium-term outlook, the target of which could be 2220. In general, a move within a range within the correction range will develop. Transactions will occur between levels. Based on the market structure and price behavior, we are likely to catch a market correction. From a personal perspective, I still maintain a strong belief in a downtrend this week, regardless of the Any breakout and consolidation below $2300 will do nothing to stop XAUUSD from falling further.Trade activeTrade active