Technical analysis by Golden_Spur about Symbol PAXG: Sell recommendation (8/22/2024)

XAUUSD- Sell Call Daily TFBearish Butterfly Harmonic pattern has been drawn. After following the pattern, it is expected that price will retrace till Fib 0.68 ($2429.30) or even further to Fib 0.786 ($2400.11). Trade values are depicted below:Entry : Instant Sell ($2482)SL : $2530TP1: $2430TP2: $2400The price has respected the Support Zone and could not break through it. Therefore, at the moment it is printing HHs and HLs indicating continuation of Bull run. It is expected to touch 2545 level. Therefore, if one wants, one can enter in LONG trade now ( around 2508 to 2512 level) with Stop Loss at 2493 and TP1 as 2530 and TP2 as 2540 respectively.For my followers, please understand that in harmonic pattern there is not a fixed retracement or projection value, rather a range is given. Therefore, in Bearish Butterfly Harmonic pattern range of point "D" is from "1.27" to "1.618" . If we draw the pattern up to 1.618 then price value comes out to be $ 2564.400 . Which conclude that the price in bullish trend will reverse Bearish around $ 2564 . That is why I have suggested taking LONG trades' TP at 2530 and 2540 to be on safer side. However, on can apply trailing stop and ride the trend at higher values even.