Technical analysis by KevinTraderr about Symbol PAXG: Sell recommendation (8/15/2024)

On the H1 chart of XAU/USD, we observe that the gold price has recently broken out of a sideways range and is now consolidating below the former support level of $2460, which has turned into new resistance. If the price fails to break above this level, the downward pressure could intensify.Yesterday, the metal prices saw a slight increase, supported by the $2441 level. However, this upward movement may have lost momentum, as indicated by the current price action near $2460. The technical downtrend may persist, with the next downside target being the $2444 area, and potentially deeper towards the strong support zone at $2420. This is a critical price area where buyers might step in, potentially pushing the price back up.What are your thoughts on this perspective?