Technical analysis by IAm_Ryder about Symbol PAXG: Sell recommendation (6/11/2024)

Dear traders! After suffering the strongest sell-off in nearly four years due to stronger-than-expected US employment data, world gold prices remained stable at the beginning of the week, while investors awaited the monetary policy meeting. currency of the US Federal Reserve (Fed) this week to further clarify the future policy direction of the US Central Bank. The gold market will be very exciting this week as it enters a waiting mode for important events and data, including the June policy meeting, the Fed Chairman's speech and the price index report. consumption. Currently, the market is almost certain that the Fed will not make any changes at this policy meeting. However, statements from Fed Chairman Jerome Powell and changes in economic forecasts from policymakers may impact the direction of gold. Further information awaited by the market is US inflation data, expected to be published on Wednesday. Conclusion about gold and the trend: if bears hold strong resistance at 2328 USD and 2050 USD or the US Central Bank's interest rate forecast shows the possibility of delaying interest rate cuts, the gold market may witnessed another strong sell-off, pushing prices down further.Trade activeTrade activeComment: what do you think?