Technical analysis by nickmc1020 about Symbol PAXG: Sell recommendation (6/11/2024)

Last Friday, gold prices plummeted by nearly 1,000 points. Our model issued a sell signal at 2337 on the 1-hour chart, and we immediately entered the market to sell. Subsequently, another sell signal was given at 2311 on the 2-hour chart, prompting us to increase our short position. Both positions were eventually closed profitably at 2295.Today's trading recommendation:Wait for the price to rebound to the 1-hour chart resistance level of 2316.5 and go short. If there is a valid breakout, switch to a long position.If the price rebounds to the 2-hour resistance level of 2331, go short. If there is a valid breakout, switch to a long position.Observe whether the price can drop to the daily chart support level of 2272, which should be a strong daily support level. It may be worth attempting a long position at this level.From the monthly chart perspective, the price is expected to remain mostly downward this month, with a low probability of breaking through the previous high.