Technical analysis by Soon-trader about Symbol PAXG: Sell recommendation (7/29/2024)

This morning, gold prices experienced mild fluctuations following the release of new economic data from the United States. The EMA 34 and EMA 89 lines are trending towards a crossover from above, which is a strong sell signal. Currently, there is no clear reversal candlestick pattern, however, if the price continues to decline and forms strong bearish candles, a bearish pattern will be confirmed. It is predicted that gold prices will have a slight recovery up to the resistance zone of 2,424 USD/ounce before continuing a strong downward trend towards the support zone of 2,354 USD/ounce.