Technical analysis by HL-TradingForex about Symbol PAXG: Sell recommendation (6/29/2024)

Dear Traders! Overall, the parallel bullish channel has been broken. And buyers are struggling to break above the resistance at 2337 as there are two large liquidity zones that the price needs to retest as mentioned on the 1-hour chart. The price is now heading towards the channel resistance at $2335. But the precious metal is still struggling to break above it as the current outlook is negative. As the next direction for gold prices is still in the hands of the US Personal Consumption Expenditures inflation data. If the inflation data shows that the price pressure is slowing down, Gold prices may regain momentum as the US Dollar will come under strong selling pressure due to increased bets on a rate cut in September. Conversely, the US Dollar may extend its recent gains and put pressure on Gold prices if the data surprises to the upside. Personally I am bullish on gold pulling back to the resistance zone, from which price could fall as indicated on the hourly chart. If short term sell target is at 2300, stoploss at 2345. Good luck with your trading.Trade activeComment: Gold prices maintain their constructive bias around $2,330 after US inflation readings gauged by the PCE matched consensus in May and US yields advance slightly across the curve.Comment: