Technical analysis by IAm_Ryder about Symbol PAXG: Sell recommendation (6/8/2024)

Dear traders! Overall gold experienced significant volatility yesterday with a drop of over 800 pips to reach 2294 over the weekend. Accordingly, from a technical perspective on the 4-hour chart, the 2300 USD Psychological Resistance Zone continues to hold the price amid a correction and sell-off after a clear breakout on the chart. Personally, I appreciate that the downward trend seems more certain and that the $2,282 support zone could be retested and rebound. If it is quickly controlled by the bears and breaks out of the support level of 2282 USD, it is expected that gold will continue to realize bearish distribution.Trade activeTrade activeComment: According to the results of Kitco's survey on gold price trends on Wall Street, 18 analysts responded, of which 11% thought that gold prices would increase again but up to 61% thought that gold prices would continue to decrease, only 28% of opinions predict gold prices will go sideways.Comment: Not only did the information that the Central Bank of China stopped buying gold make investors worry that the gold price increase cycle will be shaken. US macroeconomic data such as the employment report showing that the number of new jobs created exceeded forecasts also affected gold.Comment: The US economy continues to be optimistic, showing that the roadmap for the US Federal Reserve (FED) to cut interest rates is still unclear about the specific time. These factors prevent the recovery of gold prices.