Technical analysis by adriyan_junior about Symbol PAXG: Sell recommendation (8/6/2024)

Gold Analysis Today Current Trend: Downtrend Key Observation: - Gold is in a strong downtrend, indicated by lower highs and lower lows. - Price action remains below the descending trendline, confirming bearish momentum. # Trend Analysis: - Trendline: The price is consistently below the downward trendline, indicating ongoing bearish pressure. # Price Action: - Bearish Patterns: Look for bearish candlestick patterns, such as bearish engulfing or shooting star, near resistance levels. - Volume: Increased volume on down moves suggests strong selling interest. # Support and Resistance Levels: - Resistance: Recent highs where selling pressure is evident. - Support: Recent lows where buying interest might appear. Trade Plan: 1. Trend Confirmation: Ensure the price stays below the trendline to confirm the downtrend. 2. Entry: Consider selling near resistance levels if bearish patterns emerge. 3. Stop-Loss (SL): Place above the resistance level. 4. Target Profit (TP): Set at the support level. Summary: Gold is in a confirmed downtrend. Look for bearish signals near resistance for selling opportunities, with stops above resistance and targets at support.