Technical analysis by mswhitetrader about Symbol PAXG: Sell recommendation (7/22/2024)

Gold price (XAU/USD) increased to $2,410, ending a three-day losing streak in the first session of the week in Asia, thanks to political instability in the US after President Joe Biden withdrew from the re-election race. He will give a national address later in the week to announce details. Biden's withdrawal is expected to increase market volatility, causing investors to seek safe havens. Additionally, stricter new regulations in China also supported gold prices, as the $715 billion hedge fund industry faced pressure. Dovish comments from the Fed and the possibility of an interest rate cut in September did not boost gold prices on Friday. The IMF said the Fed should not cut interest rates until the end of 2024. This week, investors will monitor US economic data, including PMI, Q2 GDP and personal consumption price index (PCE). , to evaluate the interest rate outlook. Interesting price areas: Resistance : 2420 - 2427 - 2436 - 2450 - 2467 Support : 2392 - 2382 - 2371 - 2360 - 2352 Upper border breakout: 2421 - 2438 - 2458 Lower border breakout: 2392 - 2380 - 2359Comment: Gold prices show uncertainty near key support at $2,400 during the European session on Monday. The precious metal remains on edge amid growing speculation that Republicans led by Donald Trump will win the US presidential election in November.Comment: Gold (XAU/USD) is under bearish pressure after breaking the key $2,400 level, currently trading below $2,390. Technical developments appear to be leading to further price declines, especially as there are no fundamental drivers supporting gold prices at this time. This can be related to market psychology and technical factors such as support and resistance levels.Comment: Gold prices extended their recent correction from record highs hit last week and fell to their lowest in more than a week on Monday. US President Joe Biden's withdrawal from the 2024 Presidential election has increased the chances of Donald Trump becoming the next US President, raising hopes of a looser regulatory environment.