Technical analysis by ProTradeHub about Symbol PAXG: Sell recommendation (7/29/2024)

Good morning, traders. In today’s analysis, we observe that gold has reached the significant resistance level at $2400. For a potential downward position, I am closely monitoring the price action at the $2391 resistance level. A confirmed breakout below this level on shorter time frames would prompt me to consider a bearish trade. My entry point would be set at $2390, with a stop-loss at $2395 and a target price of $2379. Conversely, if the price does not break below $2391 and instead moves upward, I will be looking for confirmation of a breakout above $2400 to identify potential buy opportunities. Please note that there are notable economic events scheduled for this week that could impact gold prices. As always, I encourage you to adhere to your trading plan and exercise patience as the market evolves. Happy trading!Entry reached im in the trade now.Unfortunately my SL hit and it went straight to my TP, things like that happen and we cannot let it affect our mentality in trading, losses are part of the game and they help us improve, for today I will only see how the price reacts and I will not be trading for today, remember to be patient and stay safe in the markets.