Technical analysis by RalphBenjaminTrading about Symbol PAXG: Sell recommendation (5/3/2024)

Hello all dear traders! Gold prices struggle to gain any meaningful traction and trade within a tight channel near $2,300. The Fed is less hawkish outlook dragged the USD to a multi-week low and supported XAU/USD ahead of key US NFP data. In the current context, the possibility of price increase is possible but it is unlikely to last long as it approaches the channel resistance level before falling further technically. And you, do you expect a correction wave of XAUUSD? Personally, I still appreciate the medium-term down trend.Trade activeComment: 300 pips from the buy zone as widely expected following bad news for the dollarComment: The resistance continues to hold in the falling price channelTrade activeComment: