Technical analysis by AntonyTP about Symbol PAXG: Sell recommendation (10/24/2024)

Today's trading strategy: The support area of ​​2725-2720 was broken yesterday, and the overall trend of gold prices has been destroyed, so we can no longer maintain a bullish view. From the hourly chart, the current gold price may form a head and shoulders top pattern. If this pattern is confirmed, it will enter a correction cycle. The resistance area we need to pay attention to above is around 2740. As long as this position is not effectively broken, the gold price will start to fall, and it is very likely to test 2700 points.Gold prices began to stop rising near 2740, and we should pay close attention to the resistance at this level.After trying to break through the resistance of 2740, the gold price began to fall. Although the price reached 2743, it was not an effective break. Now the gold price has fallen to 2725, and our short position has made a good profit. Where can the gold price fall next? Is it 2700? We'll wait and see