Technical analysis by Neon-Tiger about Symbol PAXG: Sell recommendation (9/29/2024)

Good weekend, everybody. First of all, have a good weekend.Then let's look at the gold trend analysis starting next monthFirst, the world situation:Gold fell to a three-day low below $2,650 after the US Bureau of Economic Analysis (BEA) reported that inflation in September was moving closer to the Federal Reserve's (Fed) target. Despite expectations of further interest rate cuts from the Federal Reserve, gold was subdued as traders likely took profits. Currently, XAU/USD is trading at $2,657, down nearly 0.50%.Earlier, the Bureau of Economic Analysis announced that the Fed's preferred inflation measure, the Personal consumption expenditures (PCE) price index, moved toward its 2% target in August. Core personal consumption expenditures also rose slightly from July.Trend:Gold completed 5 gains, H4 frame overall upside. Let's wait for the near-term gold correctionTechnical analysis:Based on the resistance and support areas for gold prices under the H4 framework, I think the following important key areas are these:Resistance: 2685, 2702Support: 2640, 2625, 2580Hello everyone, so far, my analysis of the trend of gold has been absolutely correct. If you think I need to improve or lack, please give me a comment, thank you!When things go exactly as I thought they would, it's easy to make money later. Congratulations to those who followed my signal.Hello everyone, according to CME's Fed Watch: The probability of the Fed cutting rates by 25 basis points by November is 63.3%, and the probability of a 50 basis point cut is 36.7%. The probability of a cumulative 50 basis point cut by December is 32.6%, and the probability of a cumulative 75 basis point cut is 49.6%; The cumulative probability of a 100 basis point cut is 17.8%. This is a big deal for XAUUSD! Please be sure to pay attention and plan your transactions well.