Technical analysis by David_strategy about Symbol PAXG: Sell recommendation (11/8/2024)

On Friday (November 8) in the European session, the spot gold price rebounded above the 2690 mark and was last traded at $2690.56/oz. The impact of the decline in US Treasury yields Against the backdrop of the Fed's interest rate cuts, US Treasury yields fell further, providing some support for gold. However, given the optimistic overall risk sentiment in the market, the rebound momentum of gold is still not strong. Although the gold price has returned to near the 50-day moving average, the overall trend is still under pressure. From a technical point of view, the gold price has returned to above $2690/oz, but its rebound was blocked when it approached 2718 (50% Fibonacci retracement level). If this resistance can be effectively broken, gold is expected to continue to test $2734/oz (61.8% Fibonacci retracement level). If there is continued buying in the future, it may indicate that the previous correction has ended, and gold may further attack the static resistance level of $2750/oz, or even hit the 2758-2790 area.SELL:2692 Target:2680----70