Technical analysis by islemodasi about Symbol PAXG: Sell recommendation (11/4/2024)

This chart shows some notable technical signals regarding the short-term price movements of XAU/USD (gold/US dollar). Current Status and Trend: Gold appears to have entered a downward correction process after peaking at around 2742. This indicates that there may be a breakout or correction movement in the current trend. The chart indicates that the downward trend may continue to 2700.11. This level is probably the first support point to watch in the short term. Support and Resistance Levels: This move below 2742 may provide clues as to whether the downward trend will be a temporary correction or a more permanent trend. If the price tests the 2700 level and recovers from here, this level can be confirmed as a strong support point. However, if the 2700 level is broken, the market may enter a deeper correction process and gold prices may head lower. Technical Formations and Market Psychology: The curved yellow line on the chart shows the downtrend and the wave formed by price movements following the previous uptrend. Such trends may generally mean that the market is signaling a trend reversal. From a market psychology perspective, such corrections can often be linked to investors taking short-term profits. In addition, the desire of new buyers to buy at low levels may contribute to the price balancing at the 2700 level. Macroeconomic Dynamics: The price movements of gold are not limited to technical indicators; factors such as changes in the value of the US Dollar, inflation expectations and global market risk appetite are also among the main factors affecting the course of gold. If the US Dollar continues to gain value, this may put pressure on gold and facilitate a downward break of the 2700 level. Conversely, if risk appetite in global markets decreases or inflation expectations increase, gold prices may show a tendency to recover again. As a result, current indicators point to a short-term correction, but how market conditions and macroeconomic factors shape will be the ultimate determinant of whether gold can hold on to these support levels. In such volatile periods, trading with careful risk management will be an important strategic approach. XAU/USD (gold/US dollar) Our 2,700 USD Target Has Been Completed.