Technical analysis by DH-TradingFX about Symbol PAXG: Sell recommendation (7/20/2024)

Hello dear traders. Let's discuss and strategize after a volatile week! Unfortunately, gold has struggled to gain any significant momentum and remains confined to a tight trading range, just below $2,428. This movement seems to be influenced by the convergence of the EMA and nearby resistance levels. The reason for the decline in gold prices is due to the strengthening of the Dollar and profit-taking activities that took place after gold prices reached a record peak earlier this week, fueled by growing expectations that the US will cut interest rates. capacity in September. Besides profit-taking, the market is also falling in anticipation of a soft landing, which could put pressure on gold prices as investors will shift money from safe investments to risky investments more risky. I am expecting from the 2400 USD support area the price will bounce back and from 2428 USD where the price will react at the 2 EMA 34.89 which will be in line with our selling strategy and targeting for the levels lower.Trade activeComment: This week, 16 Wall Street analysts participated in the Kitco News Gold Survey and the results were clear: 6 experts, or 38%, expect gold prices to rise next week, while the same number predict price will decrease. The remaining 4 analysts believe that gold will tend to move sideways next week.Comment: +70 pips from entry 2400Comment: