Technical analysis by Soon-trader about Symbol PAXG: Sell recommendation (7/26/2024)

Geopolitical news and international trade relations are increasing the volatility of XAUUSD. On the 4-hour chart, gold prices are being constrained below a downward resistance line marked by two red arrows. Currently, gold prices are below the EMA 34 and EMA 89 lines, indicating that the downward trend is still prevailing. Recent candlesticks show strong selling pressure, with long upper wicks indicating rejection at higher price levels. The future trend of XAUUSD may continue to decline if the price cannot break through the downward resistance line.Trade active