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

The recent formation of a bearish Luftwing Candle on the 4-hour chart confirms the sell bias in the Gold market. This pattern indicates that sellers are gaining control, reinforcing the likelihood of a downward move. Currently, the price sits at $2507, and I'm anticipating a potential sell-off after a retest of key resistance levels. Trade Setup: Sell Entry: A sell stop order can be placed to activate the entry at the retest point. This ensures entry as the market confirms the bearish momentum. Target: I'm looking for a drop towards the $2485.06 zone, where the next major support lies. This represents a key target for this short trade. Confirmation: The bearish Luftwing Candle provides a solid confirmation for this setup, showing rejection of higher prices and suggesting further downside pressure. Risk Management: Ensure to manage risk appropriately, with a stop-loss placed above the recent highs to protect against any unexpected bullish reversals.