Technical analysis by mswhitetrader about Symbol PAXG: Sell recommendation (7/19/2024)

Gold prices (Xau/USD) continued their declining correction from its standard standard levels earlier in the week and decreased for the third day in a row on Friday. The US dollar (USD) has been recovered steadily after more than four months of recession, partly due to the decrease in the euro in the wake of the European Central Bank's decision (ECB), and this is the main factor that presses gold and other currencies. Goods. This decrease in prices may be driven by profit making operations after the sharp rise in prices by more than 6.5 % since the beginning of the month. Initial unemployment claims from the United States issued on Thursday provided additional evidence that the labor market is declining. In addition to signs of relieving inflationary pressures, this paves the way for the possibility of the Fed Bank reduced interest rates in September, which will have a positive impact on gold prices that are not returns. In addition, geopolitical tensions and demand from central banks will also help reduce the declines of gold prices, which indicates that any other declines in prices can be considered purchase opportunities for investors. Price areas that deserve attention In it: the purchase area: 2402 - 2400 stop loss: 2396 pounds of profit 1: 2410 profit profit 2: 2420 sales zone: 2440 - 2442 stop loss: 2446 pounds profit 1: 2430 pounds profit 2: 2420 gold prices continued to chain their losses for the third day in a row, and decreased to nearly 2410 dollars during the European session on Friday. The precious metal faces profits after its rise to a new standard level above 2480 dollars on Tuesday. The price of gold has shown to the lowest level of $ 2,394 during the American session on Friday, strong fluctuations in the market. This may be due to the impact of the power of the US dollar and the high bond returns. When the price of the US dollar rises, gold becomes more expensive for investors who hold other currencies, which reduces the demand for gold. At the same time, the high revenue of American bonds increases the cost of an alternative opportunity to possess gold, because gold does not bring benefit, which makes it possible for investors to resort to bonds to take advantage of the high returns. Gold prices have attracted some buyers and broke a series of losses that lasted three days amid a slight weakness of the US dollar. American political developments have prompted the "Trump deal" and burdened the dollar. Bets continue to reduce the federal interest rate in September to weaken the US dollar and prefer unbelievable Xau/USD currency. Gold prices try to recover from a level of $ 2400, after breaking a three -day correction from the highest standard level at 2484 dollars. Gold prices have benefited from the wide weakness of the US dollar, as well as slowing the returns of US Treasury bonds, even as the market is reluctant to risk.