Technical analysis by CaptionFX about Symbol PAXG: Sell recommendation (8/13/2024)

Hello all dear traders!Today's world gold price is trading at 2,474 USD/ounce, up 44 USD compared to the previous day's opening price of 2,430 USD/ounce.The world gold price is rising in the context of increased demand for safe haven capital in this precious metal, crude oil prices are heating up due to the tense geopolitical situation in the Middle East.In addition, another development is that the market is waiting for the US to announce the producer price index (PPI) and consumer price index (CPI) to better understand the inflation trend.Currently, the market predicts that PPI and CPI will both increase by 0.2% compared to the previous month. This data makes financial investors expect the US to reduce interest rates by 0.5% in September 2024. At that time, the USD will depreciate very strongly, which is beneficial for the gold market.