Technical analysis by samerjani about Symbol PAXG: Sell recommendation (5/31/2024)

**Technical Analysis of XAUUSD (1-Hour Time Frame):**Currently, XAUUSD is forming a bearish flag pattern, which typically indicates a continuation of the downward trend. The price action has consolidated within the flag formation after a strong downtrend, suggesting a potential breakout to the downside.Additionally, the pair is taking a retest of the flag's upper boundary, which often serves as a confirmation before the next leg down. Traders should keep an eye on potential demand zones below the current price level where buyers might step in to halt the decline.It's crucial to monitor these areas closely for any signs of reversal or further bearish momentum. If the price breaks below the flag pattern with significant volume, it could signal a strong selling opportunity. Conversely, if the price finds support at a demand zone, a reversal or consolidation might occur.Stay alert and watch for price action signals around these key levels to make informed trading decisions.