Technical analysis by SignalsProvider about Symbol PAXG: Sell recommendation (9/4/2024)

The XAUUSD chart shows a clear setup for a potential short opportunity based on Elliott Wave theory. The price is in a corrective wave (c), heading toward the 1.618 Fibonacci extension, with potential targets around the 2468.22 and 2430.575 levels. Entering a short position could be considered as the price continues downward, with stop-losses placed above the recent high near wave (b). The key target zones are the Fibonacci levels indicated on the chart, where wave (c) could complete its formation. This setup aligns with the downward momentum suggested by the wave count, and the Fibonacci extensions offer guidance for potential take-profit levels.