Technical analysis by IAm_Ryder about Symbol PAXG: Sell recommendation (6/14/2024)

Dear traders! As I predicted earlier, recent technical selling in the gold market has turned to a short-term bearish trend. Talking about impactful news: the Fed decided to keep the current interest rate unchanged. Since then, gold has lost much of its previous momentum. Despite being under pressure, the fact that gold is still above 2,300 USD/ounce proves that buyers still actively consider corrections and price drops as good opportunities to increase gold holdings. Talking about the new outlook for XAUUSD: I expect the channel resistance at $2318 to hold amid the correction and sell-off. Therefore, the technical downtrend may continue, the nearest potential target on H1 could be the 2300-2288 area.Trade activeComment: If gold breaks the horizontal zone (resistance), the scenario will changeComment: