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

GOLD XAUUSD GC1! MGC1! Yesterday, the gold market was full of ups and downs. First, the market's expectations that the Federal Reserve would cut interest rates twice this year increased, causing the US dollar to fall and gold to rise. The price of gold rebounded from 2410 to 2430, and then the initial value of the US July Composite Purchasing Managers' Index (PMI) rose to the highest since April 2022, and the 10-year US Treasury yield rebounded to a two-week high. The price of gold fell all the way from 2430 to 2367, with an amplitude of more than 50 US dollars, which was a shocking drop. Fortunately, we bought from 2410 yesterday and took profits in advance. We also realized that the pressure range of 2425-2430 was not far away, so we did not take the risk of opening positions to buy. Everyone can see the subsequent plunge, which is really scary. Let's get back to the point. After yesterday's plunge in gold, the market turned from rebound to decline again. Under this trend, of course we have to go with the flow, but after the plunge, there will definitely be a correction, so we should not rashly sell directly, but wait for the correction before selling from a high position, which is safer. From the historical trend of gold prices: The upper resistance is 2385, followed by 2400 The lower support is 2360, followed by 2350 For a detailed trading plan, you can make it yourself based on the above information. If you need to get my accurate signals, you can contact meTrade active: Today, we need to pay attention to the following data: The number of initial jobless claims in the week The initial value of the second quarter GDP of the United States The initial value of the quarterly rate of real personal consumption expenditures in the second quarter of the United States The PCE price index in the second quarter of the United States The monthly rate of durable goods orders in June of the United StatesTrade active: Four of the five data just released are slightly negative, one is significantly bullish, and both long and short positions are hedged. However, the negative GDP data may affect the Federal Reserve's judgment on interest rate cuts, so those who are more aggressive can short-sell first. If the market You can increase your Sell position during the reboundTrade active: Today, we judged that the idea of gold rebounding and repairing first, and then falling is correct. It has now fallen from 2382 to around 2360. Although the limit sell order we set at 2385 was not activated, we performed sell after the data was released, and the results were not bad. At present, the gold price has stopped falling after hitting the 2360 support, so I am not ready to continue to hold it. The profit has been closed now. I will inform you when there is a good opportunity. Friends who are interested in my accurate signals can click below to contact meTrade active: Gold is still fluctuating around 2360. I don't plan to open any more positions today. I will plan new signals tomorrow. My free channel will update the latest trading strategies every day. If you are interested, you can click below to enter