Technical analysis by Henry_pro about Symbol PAXG: Sell recommendation (7/12/2024)

Currently, reports on inflation and economic growth from major economies such as the US, EU, and China can significantly impact gold prices. On the chart, we can see that gold prices are currently in an uptrend, supported by the long-term uptrend line and the EMA 34 and EMA 89 lines. The strong resistance level at the 2414 price zone has been confirmed multiple times. The fact that gold prices have reached this level but failed to break through indicates strong selling pressure here. The formation of recent red candles at the resistance zone may signal a short-term correction before the next trend. If gold prices fail to break through this resistance zone, a downward correction trend may occur with the nearest support target being the 2387 zone.