Technical analysis by Daniel_Wilson17 about Symbol PAXG: Sell recommendation (7/23/2024)

Spot gold price decreased slightly to 2,397.6 USD/ounce, while gold futures traded at 2,398.1 USD/ounce. This slight decrease reflects the current selling pressure in the market. Gold prices have broken below the 34 EMA and are currently below the 89 EMA on the chart, indicating a strong short-term downtrend. This is reinforced when both EMAs are pointing down, indicating that the downtrend is still ongoing. The price is currently close to a key resistance level at around 2,400,390 USD/ounce. A break or bounce from this level will be important in determining the next direction of gold prices. The market is awaiting important data from the US, including second quarter GDP and personal consumption expenditures (PCE), as well as comments from Fed Chairman Jerome Powell. These events may significantly change the direction of gold prices, depending on the Fed's upcoming monetary policy signals.