Technical analysis by DynamicCapital-FX about Symbol PAXG: Sell recommendation (9/6/2024)

- **Gold Price:** Gold is holding above $2,500 ahead of the US Non-Farm Payroll data, having reached a high of $2,523 yesterday and currently trading around $2,517.- **US Economy Expectations:** - August Non-Farm Payroll is expected to increase by 164,000, up from 114,000 in the previous month. - Unemployment rate is expected to rise to 6.5%, from 6.4%.- **Rate Cut Probability:** The likelihood of a 25 basis point rate cut in September has decreased to 57% from 70% a week ago (CME Fed Watch Tool).- **US Dollar Index:** - Bullish outlook with minor support around 101.20/100.50. - Near-term resistance at 102/102.80.- **Gold Price Drivers:** - **Global Stock Market:** Bearish, which is positive for gold. - **US Dollar Index:** Bullish, which is negative for gold. - **US 10-Year Bond Yield:** Bearish, positive for gold.- **Technical Analysis:** - **Support:** Near-term support at $2,470; a break below targets $2,449/$2,430. - **Resistance:** Minor resistance at $2,520; a break above could lead to $2,525/$2,530.Moving well.Moving 200+ Pips.