Technical analysis by Veda_Solomon about Symbol PAXG: Sell recommendation (11/19/2024)

The gold market is displaying a recovery after recent losses, currently hovering near $2,645. However, the upward momentum is now approaching a critical resistance zone.Market Highlights:Resistance Zone: Gold faces significant resistance near $2,645-$2,650. A rejection at this level could trigger a downward retracement.Support Levels: The support zone near $2,575-$2,550 remains key for the current trend's stability.Volume Insight: Increased trading volume around the resistance level hints at a potential breakout or sharp reversal.Trading Strategy:Sell on Resistance Rejection: Monitor for bearish signs near $2,645, targeting $2,575 with a stop-loss above $2,650.Buy on Retracement: If prices pull back to the $2,575-$2,550 support zone, look for long opportunities targeting $2,645, with a stop-loss below $2,540.While the bullish recovery is encouraging, a clear break above resistance is needed to confirm further upside potential. Traders should stay vigilant as market sentiment evolves.