Technical analysis by marcoZarde about Symbol PAXG: Sell recommendation (7/4/2024)

The price of gold has risen from 2000 to 2400 mainly due to two factors: the war in Ukraine and the massive gold purchases by the Chinese national bank. The bank announced a week ago that it would halt its purchases. The war is no longer an issue. Barring negative global events, a break of gold below 2269 would lead to a target of 2114 in the medium term. When news about the US elections begins, gold will surely return to prices between 2300-2500.