Technical analysis by Esmeralda_Gold about Symbol PAXG: Sell recommendation (9/5/2024)

Gold prices are showing signs of recovery today after dipping close to $2470 at the end of yesterday’s session. Currently, the precious metal is hovering around $2498, inching closer to the key psychological level once again.This upward adjustment in gold's price is fueled by a weaker U.S. dollar and lower yields, following a drop in U.S. job numbers. This has sparked speculation that the Federal Reserve may consider scaling back on aggressive rate hikes during their upcoming policy meeting later this month.From a technical standpoint, while gold is climbing, it faces immediate resistance at $2505–$2507. If the precious metal can break through this level, it may challenge its all-time highs. On the other hand, selling opportunities should still be prioritized, as gold is currently converging with the EMA. It's worth considering a sell order if resistance holds strong.