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

Gold fell 1,000 pips (more than 3%) on the closing day of the trading week, driven by a huge daily momentum candle. During the Asian session, the price rose to 2,387, and I was expecting it to touch 2,400 before considering a short position. News emerged that the People's Bank of China cut back its purchases after 18 months. Additionally, NFP data during the NY open exacerbated the decline for Gold. From a technical perspective, bulls have failed to keep the price above the 2,400 mark, as indicated by two long tails on the monthly chart. Historically, the month of June has been bearish for gold for the past three years. My strategy is to wait for a retracement before taking a short position. A break of support at 2,280 will likely accelerate the fall. My target is 2,200. Follow your trading plan and stay safe.