Technical analysis by Jamie-Taylor about Symbol PAXG: Sell recommendation (5/2/2024)

After a long period of high adjustment, the price of gold fell below the 2300 mark yesterday, and also fell below the key low support level of 2291. The new downward wave of gold has come out, and the shorts have entered a new range! In other words, the recent operation ideas will undergo a major change, and rebound shorts will be the only feasible strategy!The 4-hour line has been falling continuously. For short-term layout, you can refer to the long and short conversion position at the bottom of 2291. You can short when it rebounds to 2291 again! At the same time, we should also focus on the repair position of the upper moving average pressure. At present, the first pressure of the moving average is at 2311. The deviation is large and it is not used as a reference for layout, but it is still a reference indicator for the strength of the long and short market! If the gold price returns to above the moving average in the near future, there is no need to worry. As long as it does not break through 2352 again, it is treated as short-term!The shorts are currently making profits, I hope these analyses can help you.Small correction. Currently adding positions and continuing to short.