Technical analysis by SelenaBellaa about Symbol PAXG: Sell recommendation (7/20/2024)

Hello dear friends, let's learn about gold prices today. On the world market, gold price plummeted to 2,401.8 USD/ounce, down 25 USD compared to yesterday. Regarding impact factors: World gold prices decreased at the beginning of the trading session in the US. Investors trading in short-term futures aggressively took profits after gold prices reached a record high earlier this week. Accordingly, the reason for taking profits is partly due to concerns about the Chinese economy weakening in the coming months. This could reduce demand for goods, including gold. About the outlook of XAUUSD: In the short term, if 2400 USD does not hold, sellers are likely to step up profit-taking activities even more in the near future. However, in the long term, gold prices seem positive in the context of political instability and the time when the Fed cuts interest rates is approaching.