Technical analysis by avatarfreak about Symbol PAXG: Sell recommendation (11/18/2024)

Disclaimer:This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.Time Frame: 4-hourMarket Analysis:Following on previous analysis, the XAUUSD pair has bounced off the key support level at 2,550.00-2,543. However, the 4-hour chart indicates persistent bearish momentum, with price action confined within a descending trend channel. The price has almost reached value area high. This may act as resistance.Key Observations:No bullish divergence detected on the 4-hour chart.Bearish divergence evident on the 30-minute chart.Key Levels:Resistance : 2,606.00support : 2,536.00support(Poc): 2568.00lower target: 2485.00 - 2505.00Trading Bias:Bearish, lack of bullish divergence,If the price slips below the point of control, the bullish narrative would be compromised, potentially triggering a reversal, anticipate a potential breakdown below the support level, targeting first weekly point of control at 2,502.00 then lower OBV at 2,485.00 - 2,505.00.https://www.tradingview.com/x/HvUzvVAF/