Technical analysis by forex_info about Symbol PAXG: Sell recommendation (7/17/2024)

The gold price has completed an Elliott Wave 12345 pattern, reaching a new high and touching the rising resistance trendline, forming a reversal rising wedge pattern. This suggests a potential downward movement as the price is likely to follow the Elliott Wave ABC correction. Traders should watch for confirmation of the breakdown from the wedge to validate the start of the correction phase.