Technical analysis by MrJasim about Symbol PAXG: Sell recommendation (10/21/2024)

XAUUSD is rising in a steady uptrend on all time frames (short, medium and long) and after breaching the $2,700 mark it is now on its way to the next target at $2,750. The Relative Strength Index (RSI) is overbought, however, advising long-holders not to add to their positions because of an increased risk of a pullback. Should RSI close back in neutral territory, it will be a sign for long-holders to close their positions and open shorts as a deeper correction may evolve. Support lies at $2,700 (key level) and $2,685 (September high).