Technical analysis by ConanTradingFX about Symbol PAXG: Sell recommendation (10/9/2024)

Hello everyone!Today, gold is showing a clear downtrend. Especially after breaking through the key support level at $2630, the downward trend has become even more pronounced. This decline is further confirmed as gold continues to trade below the EMA 34-89 moving averages and remains confined within a parallel descending channel (2625 - 2645), signaling that buying momentum in the market is gradually weakening.Additionally, investor sentiment has been dampened as expectations of the Fed maintaining its loose monetary policy have significantly diminished. This has given the USD more strength, further pressuring gold, a non-yielding asset.With these clear signs of weakness, according to Conan's analysis, it's highly likely that gold will continue to drop in the short term, potentially falling below the $2600 mark as long as the descending channel remains intact.