Technical analysis by Gold_Analysis1 about Symbol PAXG: Sell recommendation (2/22/2024)

Gold price (XAU/USD) gains positive traction for the sixth successive day on Thursday and climbs back above the $2,030 level during the early part of the European session, closer to over a one-week high touched the previous day. Despite the Federal Reserve's (Fed) hawkish outlook on interest rates, the US Dollar (USD) drops to a three-week low and turns out to be a key factor underpinning the commodity. Apart from this, concerns about geopolitical tensions stemming from conflicts in the Middle East further benefit the precious metal's safe-haven status and remain supportive of the move up.