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

Affected by the Fed's expectations of a rate cut in September, gold hit a record high to around 2484 before falling back. It then hit around 2363 and rose strongly again. This week, it hit around 2480 several times but was blocked. It fell sharply overnight, falling to around 2438. Unfortunately, the decline did not continue, and it started to fluctuate and rise today, slowly rising back to the 2460 mark. It seems that the bulls are still unwilling to give up.Gold has repeatedly hit the historical high of 2480, but failed to cross it, indicating that there is a lot of short pressure. Although it fluctuated upward today, the high and fall the next day laid the foundation for bearishness. Brother Bin expects the daily line to maintain a high-level fluctuation pattern, and the decline is expected to continue further. After all, the current daily line is already a triple top, and the pressure is obvious. Since it failed to reach a new high the next day and the air force successfully launched a counterattack, the key today is still the 2460 mark. If it fails to stabilize, it will be short.Gold has tested its historical highs many times. In the short term, we will focus on the 2460-2465 area. If it cannot stabilize above this position, short selling will still be the main strategy.Gold has broken through its all-time high. If your transaction is stuck, please contact me as soon as possible and I will help you recover your losses.The market is about to open, and many friends' transactions have been trapped. If your account is trapped, please contact me as soon as possible and I will help you recover your losses.Today, gold fell under pressure from the high of 2508, which is in line with our expectations. Pay attention to the resistance of 2480-2483 area below to see if it can break through this area. If it cannot break through this area, you can continue to go long based on this area. Don’t blindly place orders in the middle position.Pay attention to the 2480 area and continue to go long based on the sub-regionHope it helps youGold should not blindly chase the rise. It has tested highs many times, but has not broken through. In the short term, it will first look to fall back and focus on the 2480-2485 area below.Gold has been fluctuating sideways all day. Don't blindly chase orders at this time. Let's see whether it will fall back in the short term.Last week, I helped my members make more than 120% profit. I only take a portion of the profit. If you are willing to give me a portion of the profit, I can also help you make huge profits.There is no volatility in the market at the moment. If you want to get more trading signals, you can click on my website.In the short term, gold will first pull back to the 2480-2485 area before going long.