Technical analysis by RalphBenjaminTrading about Symbol PAXG: Sell recommendation (5/4/2024)

Hello all dear traders! Currently, gold price is fluctuating around 2301 USD unchanged compared to yesterday's trading session, continuing to stabilize its strength above 2300 USD. In general, in the short term, the fact that the US Federal Reserve (FED) has not lowered interest rates will reinforce the appreciation of the USD, thereby causing gold to more or less suffer certain pressures. Besides, the US job market report released yesterday was weaker than expected and did not provide a boost to this precious metal. Looking at the latest news last week: we can see that new data shows that inflation in the US is still stubbornly high. The movement of gold prices will depend on confidence in risky assets and buying activity Technical: Holding steady above the $2,300 support represents significant gains, however overcoming the $2,328 descending channel resistance remains a challenge and a target. Fundamentally and technically the market is showing weakness so we can expect a bearish scenario for now, after a retest of the 34.89 EMA levels and a retest of the trend channel.Trade active