Technical analysis by cryptocafelive about Symbol PAXG: Sell recommendation (10/28/2024)

Our expectation for XAUUSD gold is 2715 strong support level in the product while 2755 is resistance level. We may see a sharp break from 2715. We expect 2760 levels before it is repeated but it is more logical to wait for sales for these big purchases. We expect sales in gold according to the medium term. I can say that this sale is 2660, 2615 2585 2475 and today it is traded close to 2.740 levels. Global economic concerns and geopolitical tensions in the Middle East support the company's demand. During the day, the XAUUSD parity fluctuated between 2.724 and 2.744, while it was traded in a band between 1.810 and 2.758 on an annual basis. It is seen that the safe haven demand, which has increased by 48% in gold prices in the recent period, remains strong. US economic data and developments in global interest rates are expected to have an impact on gold. Especially the US Federal Reserve's interest rate decisions and the performance of the dollar may play a role in the direction of gold prices.