Technical analysis by SelenaBellaa about Symbol PAXG: Buy recommendation (7/19/2024)

Dear traders! Gold is in a short-term downtrend after a strong increase. This is shown through consecutive red candles and the price cutting below the EMA 34 and EMA 89. This bearish outlook was clearly identified after the price surpassed 2,451 USD, which at the time of writing was 2,444 USD. , representing 400 pips compared to the same price the previous day of 2774 USD. Gold prices went down in the context of the International Monetary Fund (IMF) recommending that the US postpone cutting interest rates until the end of 2024 and possibly increase taxes to slow down the rate of increase in public debt. Meanwhile, the European Central Bank (ECB) kept interest rates unchanged as expected by the market. In response to this information, the USD price increased again after many days of weakness. Accordingly, gold becomes expensive for other currency holders, so the price of this precious metal is forced to go down. However, short-term support levels and especially the special support zone of 2,400 USD will likely push gold prices up in the long term as the market is pricing in a 100% chance that the US will cut interest rates. in September.Comment: Trading Plan Short XAUUSD SELL zone 2442 - 2444 SL 2447 TP 2435 - 2430 - 2425Comment: XAUUSD BUY zone 2418-2420 SL 2415 TP 2425 - 2430Comment: Short buy bet: This signal is HIT stoploss guys, we will wait for a new signalComment: XAUUSD BUY zone 2417-2415 SL 2411 TP 2420- 2430Comment: