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

Last week, price accumulated significant liquidity below the 2470 level before reversing to the upside. After sweeping minor liquidity at 2523, a key supply zone has emerged at 2504. Notably, the equilibrium aligns with this supply zone, presenting a potentially strong area for a short position. If a valid short confirmation forms at the 2504 level, we could anticipate a bearish move back towards the 2470 liquidity levels.- Price reached supply area at 2505, now we can wait for a confirmation to short.- Price made a change of character on the lower time frame 5m at higher time frame supply zone.- Now we have a confirmation to short.