Technical analysis by Gold_Gain_Analysis about Symbol PAXG: Sell recommendation (5/8/2024)

Gold remains stagnant, unable to breach the critical resistance at 2330. The market lacks momentum, prompting us to adjust our strategy promptly. We opt to enter the market directly with short orders around the 2320 mark. Despite three attempts, the k-line has failed to surpass the 2330 mark. Over the span of an hour, it remained subdued by the middle track of the Bollinger Bands, signaling potential profitability with short positions. The daily cycle alternates between bullish and bearish trends, with a discernible oscillation pattern. The lower support level hovers around 2300, serving as the target for short positions.