Technical analysis by hassanshahjehan about Symbol PAXG: Sell recommendation (9/1/2024)

The XAUUSD pair is currently exhibiting a bearish trend, as evidenced by the downward sloping price action on the 4-hour chart. This downward bias is further reinforced by the position of the price below the 200-period moving average (MA).Technical Analysis:Price Action: The price is currently trading below its 200-period MA, which is a bearish signal.Support and Resistance: The immediate support level is at 2,480.00, while the immediate resistance level is at 2,502.32. A break below the support level could signal further downside potential. The Relative Strength Index (RSI) is currently below 50, indicating a bearish sentiment.Based on the current analysis, a potential short-term trading strategy could involve selling the XAUUSD pair with a stop-loss placed above the 2,502.32 resistance level. The target for this trade could be the 2,460.00 support level.Additional Considerations:Fundamental Factors: Keep an eye on economic news and events that could impact the XAUUSD pair, such as interest rate decisions from the Federal Reserve and geopolitical tensions.Risk Management: Implement proper risk management techniques, such as using stop-loss orders to limit potential losses.Chart Patterns: Consider looking for chart patterns, such as head and shoulders or double tops/bottoms, which could provide additional insights into the direction of the market.Conclusion:The XAUUSD pair is currently in a bearish trend, and there is potential for further downside movement. Traders should be cautious and exercise proper risk management when considering short positions.