Technical analysis by Henrytrader93 about Symbol PAXG: Sell recommendation (8/19/2024)

Dear friends,In the context of the constantly fluctuating gold market, today's XAUUSD chart is showing important signals that investors cannot ignore. As the gold price approaches the upper boundary of the rising price channel, a big question is: Is this the time to take profits or is there a buying opportunity about to appear? Let's explore the potential movements on the chart and predict the next trend of gold prices in the short term.In general, the level of 2,500 USD/ounce of the precious metal is very difficult to hold. Because, after reaching a new historical milestone, gold is easily sold off by investors to take profits. Not only that, at such a high price, it is difficult to attract new buyers to the market, also causing this commodity to decrease in price.It is predicted that XAUUSD may correct down to the first support zone at 2,490 USD (position 1 on the chart). If selling pressure continues to increase, the price could fall further towards the stronger support zone at $2,450 (position 2). Traders should consider monitoring price reactions at these support levels to make appropriate trading decisions.