Technical analysis by James-Bennett about Symbol PAXG: Sell recommendation (4/27/2024)

Dear friends! In general, since gold took profit at 2418 USD, the price has dropped sharply, this is carefully observed on the daily time frame, clearly built by 3 strong bearish candles at one point reaching 2291 USD! However, the price quickly bought back this decrease to reach the 2338 USD mark. On the contrary, for this growth momentum, I am expecting and considering where the price will continue to decline, the upward momentum is still weak and the strength of the bull is still weak. This is not enough as the price continues to close below $2344, we can expect the next scenario next week to be bearish. The $2,344 mark is significant as this was last week's opening price. It is expected that this price drop will reach the 2300 - 2225 USD mark and retest the 34.89 EMA levels even though the main market trend is still bullish. Personally, I appreciate the downside next week.Comment: Previously I mentioned that gold will continue to increase to 2400 USD, but if it is still below the 2430 area, the selling pressure is still there.Trade active