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

Statements regarding monetary policy and interest rates are expected to significantly impact gold prices. XAUUSD is currently maintaining an uptrend. However, the 2-hour chart shows signs of a potential short-term correction as the price approaches key resistance levels. A strong resistance area is identified at $2,395. The uptrend is characterized by higher highs and higher lows. There is a possibility that XAUUSD will face strong resistance at the $2,395 level and decline. If the price fails to break through this level, it is highly likely that it will drop to the support level around the trendline at $2,360 or even lower.Trade active