Technical analysis by MohAmjad about Symbol PAXG: Sell recommendation (10/11/2024)

Is gold going back down again?- In the last gold rally, prices reached $2685 per ounce, after which corrective actions began, targeting $2625 and $2601.- On tenth of October’s morning , the rally began and prices reached $2645 at the time of writing this article. -But what's next?• Let's first start by analyzing the reason for the rise economically.-Yesterday's inflation reading came in flat and identical to the previous reading on a monthly basis with no increase or decrease. This behavior should not make any difference to prices but it might make a slight impact at the very least, but the annualized reading came down to 2.4 vs. 2.5 in the previous reading.-What we should take seriously from this is that the data is positive for the US dollar and negative for gold, but negative for the dollar and positive for gold in the longer term. In other words, whoever governs monetary policy will sooner or later decide that inflation is flat and declining in the long run, so the Fed will use this as a reason to say that inflation is fine and will decline further, opening the way for a bigger rate cut in the future.- As for the technical analysis, we have a bearish corrective price channel starting from the historical highs of $2685, $2672, $2659, and $2646.-We now see prices at $2645, which is the approximate price of the upcoming drop. There is a possibility that prices will oscillate around the $2645-2655 area and then return down to the levels of $2615, $2597, $2562.-Reaching each level depends on breaking the level before it. -For now, the focus is on the first and main target of $2615, at which point we will update this analysis.-All this analysis is invalidated by a close above $2655, and then we will look for buying zones by targeting new highs above $2700.God knows best.Telegram: t.me/RMSgoldscalperWhat’sApp: wa.me/+962781129508