Technical analysis by Brandon_evo4 about Symbol PAXG: Sell recommendation (11/14/2024)

I'd be a fool to believe that gold is ready to continue with it's bullish trajectory at this time Especially with this current move that is playing out right now. It all seems to obvious from my perspective. It almost feels like the dealer is baiting me into buying. Keep in mind we have a red folder news event in about an hour from now. Also when you look at gold's momentum, its definitely bearish at this which means any buys you attempt to take you will be actively trading against a flood of sellers who all want price to go down more than you want it to go up. If you've been following me for anytime at all, you know how hard it is for me to even begin to consider trading against whatever the momentum of the market is saying. Market going bearish, sells Market going bullish, buys Simple. _____________________________________________________________ Selling gold now in my opinion (despite me thinking it will sell for the news event itself) may not be the best idea. If I think gold is inducing buyers, it will likely need to continue a bit bullish before dropping for the news itself. Which means your sells are in jeopardy of being stopped out before the news even moves the market. But it also cannot buy too much to give new potential sellers an opportunity. Think about it like the price needs to go to what you might call "the goldilocks zone" Not too high, not too low but jusssssst rightttt This is what I expect for gold during the news itself. Of course I am not going to actively trade this until I see exactly what I want to see. _______________________________________________________________ Also, you see the amount of people (just from right in here in the minds) interested in sells. Yeah. That isn't a good sign to sell now lol 90% of traders lose 90% of their money in 90 days. Why do what 90% of traders do? Let gold show its hand before you decide to play yours.