Technical analysis by forexcapitals123 about Symbol PAXG: Sell recommendation (7/16/2024)

Based on my technical analysis, gold has reached an all-time high with a current price of $2,469 USD. Indicators on the daily chart suggest that gold is currently overbought, and a retracement is likely. Historically, gold tends to drop after forming a new high, and it is now forming its third consecutive peak in this pattern.Considering this, I predict a bearish movement of approximately 350 pips, bringing the price down to around $2,445 USD before potentially resuming its upward trend. This prediction is supported by past price behavior and overbought conditions observed in the market.It is crucial to use stop-loss orders and follow risk management practices to mitigate potential losses during this anticipated retracement.TP 1 HITshift SL at entry point___________________