Technical analysis by sagaahhelite about Symbol PAXG: Sell recommendation (7/11/2024)

🚨 XAUUSD (Spot Gold) CPI DAY ANALYSIS🔖 11-7-2024🚨 Sell at: $2396-$2410-$2424-$2448 🔻 Buy at :$2330-$2305-$2285-$2260🔺 CMP -$2380.10 (as of writing) 💹 ⚠️ Warning: Do not risk more than 5% of your capital. You might lose your money.🔴 🚨📝Data scheduled to be published at 18:00 hrs -23:30 hrs🔖 18:00-Continuing Jobless Claims 1,858K 18:00-Core CPI (MoM) (Jun) 0.2% 0.2% 18:00-Core CPI (YoY) (Jun) 3.4% 3.4% 18:00-CPI (MoM) (Jun) 0.1% 0.0% 18:00-CPI (YoY) (Jun) 3.1% 3.3% 18:00-Initial Jobless Claims 236K 238K 21:00-FOMC Member Bostic Speaks 22:30-Year Bond Auction 4.403% 23:30 USD Federal Budget Balance (Jun) -347.0B 📊💹Fundamentals that might impact XAUUSD: Date: 11 July 2024 📌: Gold Market Update: Gains Amid Fed Speculation: Gold prices saw modest gains due to: •Speculation of US Federal Reserve rate cuts by September •Global political uncertainties boosting gold's safe-haven appeal •Upcoming US CPI inflation data to offer more clarity on interest rates ✅✅ World Gold Council (WGC) Report: •Second consecutive month of inflows into gold ETFs in June •Total holdings rose by approximately 18 tones to 3,106 tones People's Bank of China (PBoC): •No gold purchases in June after significant buying in May China holds 72.80 million troy ounces of gold Trading Strategy: Given the current market dynamics, we suggest the following: 🟢For Potential Rebound: • Buy Entry Target Range: $2388(TP1)- $2405(TP2)-$2420(TP3) 🔴For Potential Downtrend: • Sell Entry Target Range: $2360(TP1)- $2350(TP2)- $2340(TP3) 🔴Technical Status: XAUUSD: 📌 D1 SMA100-P (2320.38) Buy🔺 H4 SMA100-P (2399.85) Sell🔻 H1 SMA100-P (2340.89) Buy🔺 H4 SMA200-P (2418.14) Sell🔻 RSI(14): Status: Overbought STOCHRSI(14): Status: High Volatility ROC: Status: Neutral William%R: Status: Neutral ATR(14): Status: Sell SOC: Status: Sell