Technical analysis by IAm_Ryder about Symbol PAXG: Sell recommendation (6/7/2024)

Hello friends! A descending price channel is gradually starting to appear on H4 which usually determines our outlook. Speaking of news: Gold prices remained under strong selling pressure during the European session, extending losses below $2,350. China has paused purchases of gold reserves after 18 consecutive months, exacerbating the decline in gold prices. Talking about the upcoming outlook of XAUUSD: From the 4-hour chart, gold is moving towards the support level of 2332 USD, it is likely that the price will FOMO to retest the downtrend resistance level to accumulate before continuing to gradually decrease. The target for the downside ahead lies at $2270. And you?Trade activeComment: Gold prices accelerate their bearish stance for the day, putting the $2,300 region to the test following the publication of the US labour market report for the month of May.