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

Daily candlestick pattern for Gold (CFDs on Gold, 1 Troy Ounce) with a Gartley pattern highlighted. Here's a detailed analysis:Gartley Pattern Analysis:XABCD Points: The Gartley pattern is identified with the key points marked as X, A, B, C, and D.X to A: Initial upward move.A to B: A retracement to 0.618 of the XA leg.B to C: Another move upwards but doesn't exceed point A.C to D: A final retracement, completing the Gartley pattern around the 0.786 level of XA.Key Levels:D Point: The completion of the Gartley pattern suggests a potential reversal zone.Sell Zone: The region marked near the 2,428.00 level indicates a sell zone, suggesting a potential area for short positions.Support Level: Significant support is identified around the 2,368.74 level, aligning with historical price action and Fibonacci levels.Order Blocks:Bearish Order Block: Positioned around the sell zone (2,416.00 - 2,435.00), indicating potential areas of supply where selling pressure might increase.FVG (Fair Value Gaps): Daily FVGs noted around 2,390 and 2,368 levels, which might act as zones of interest for buyers.Price Action:The current price is around 2,415.07, slightly below the D point of the Gartley pattern.The chart shows a recent upward trend reaching the sell zone, indicating a potential bearish reversal if the Gartley pattern holds.Recommendations:Short Positions: Consider short positions around the sell zone (2,428.00) with targets around the support level (2,368.74).Stop-Loss: Place a stop-loss slightly above the 2,435.00 level to manage risk in case of a breakout above the bearish order block.