Technical analysis by Soon-trader about Symbol PAXG: Sell recommendation (7/25/2024)

According to the 4H chart, the EMA 34 and EMA 89 are both sloping downwards, reinforcing the downtrend. The descending channel is defined by two parallel black trend lines. Gold is trading within this range, possibly finding support near the bottom of the channel and resistance at the top. Recent candlestick patterns indicate the formation of lower highs and lower lows, suggesting continued selling pressure. The price may experience a slight upward correction to test the resistance line of the descending channel before continuing its downward trend.Trade active