Technical analysis by mr_bombastic_signal about Symbol PAXG: Sell recommendation (9/5/2024)

📢 Signal: SELL XAU/USD 📉 Entry Price: 2516.98 🔍 TP1: 2507.80 🎯 (91 PiP TP) TP2: 2496.65 🎯 (203 PiP TP) TP3: 2484.90 🎯 (320 PiP TP) SL: 2525.43 ⛔️ (84 PiP SL) 💡 Ensure proper risk management when following signals! 💬 Comment: " After the recent bearish trend, we've identified a fresh order block (OB) that could trigger a reversal in the chart movement. I’m calling this area FL (Flag LIMITED), as it has the potential to shift the Bullish trend into a Bearish one. Reason for Selling: Overextended Rally : XAU/USD is nearing overbought conditions, suggesting that the bullish momentum may be losing strength, and a correction is likely. Strong Resistance Zone: T he current price level is approaching a resistance area, increasing the probability of a pullback as sellers step in. Entry Point Justification: Strategic Entry at 2516.98: This level is ideal to capture the potential downside once the price faces rejection at resistance, offering a high-probability sell opportunity. Take Profit Targets: TP1 (2507.80): A short-term target designed to quickly capture gains from the expected initial move down. TP2 (2496.65): A medium-term target to take advantage of further bearish momentum as selling pressure builds. TP3 (2484.90): A long-term target for capturing a deeper price drop, maximizing potential profits from an extended bearish move. Stop Loss Justification: SL at 2525.43: Placed just above the resistance level to protect against a breakout, while providing enough room for potential price fluctuations before the expected reversal ." mr_bombastic_signal