Technical analysis by Scalp_Trader68 about Symbol PAXG: Sell recommendation (8/8/2024)

Gold prices (XAU/USD) rose slightly on Thursday, snapping a four-day losing streak, but have yet to break above $2,400 heading into the European session. Despite signs of recovery, the market remains cautious before forecasting any strong upward moves, although fundamentals appear to favor the upside. Concerns over the economic slowdown in China and the US, along with geopolitical tensions in the Middle East, could be supportive factors for gold prices. Additionally, expectations of a Fed rate cut could weaken the dollar, reinforcing the bullish outlook for the precious metal. Price Range Determination: Buy Zone: 2383 - 2381 Stop Loss: 2377 Take Profit 1: 2390 Take Profit 2: 2400 Sell Zone: 2406 - 2408 Stop Loss: 2412 Take Profit 1: 2400 Take Profit 2: 2390