Technical analysis by RalphBenjaminTrading about Symbol PAXG: Sell recommendation (5/14/2024)

Hello smart and wealthy traders! Selling activities to take profits and investors waiting for US inflation data caused the market to decline in the first session of the week. Closing the trading session on May 13, world spot gold price decreased by 24 USD to 2,335 USD. During the session, the price at times dropped close to 2,330 USD. Analysts believe that prices fell due to profit-taking after two strong increases last week. Besides, investors are also waiting for this week's inflation data to find more clues about when the US Federal Reserve (Fed) will reduce interest rates. "The reason may be that investors left the market before some risk events this week, such as Fed Chairman Jerome Powell's speech, producer price index (PPI) and consumer price index (CPI) ". On the hourly timeframe although the bullish trend remains well supported, there are signs of a potential top forming at $2378. But! At the same time a pattern may gradually be formed which is said to be a cup with handle reversal. There are expectations that after reaching the Fibonacci retracement level from 0.618 to 0.5 the price will fall to a technical target of around 2300 USD, acting as a solid defensive zone for those who are optimistic about gold's prospects. .Trade active