Technical analysis by ArshlyP about Symbol PAXG: Sell recommendation (9/4/2024)

Gold Price Analysis: Bearish Outlook and Target of 2454 Overview:Gold has been showing a clear bearish trend since late last week, signaling more downside ahead. Here’s a breakdown of the current market structure and why I’m eyeing a move down to 2454.Gold has been forming lower highs and lower lows, a typical sign of a bearish market. Buyers have struggled to push prices up, and each attempt has been met with stronger selling pressure.- Lower Highs: The fact that gold can't break above previous highs suggests weakening bullish momentum. - Lower Lows: Prices continue to break below support levels, showing that sellers are in control and driving the market lower. Key Technical Levels:- Resistance: Around 2500, sellers have stepped in repeatedly, making this a strong resistance zone. - Support: The next key level to watch is 2454, where I expect gold might find some buying interest or potentially break lower.Why I’m Targeting 24541. Market Sentiment: The current trend and technicals suggest sellers are in control, likely pushing gold down to 2454. 2. Economic Factors: A stronger U.S. dollar or rising interest rates could add to the selling pressure on gold.3. Volume: Increasing volume on down days indicates institutional selling, which supports the bearish trend.Conclusion:Given the bearish structure, I’m planning to sell around 2490, targeting a move down to 2454. This level will be key—if it holds, we might see a bounce; if not, further declines could be on the horizon.