Technical analysis by Veda_Solomon about Symbol PAXG: Sell recommendation (11/20/2024)

Gold prices extended their recovery momentum on Wednesday, gaining over 70 pips during the early session and hovering around $2,639.While the precious metal shows signs of short-term strength, the broader trend remains favorable for sellers. Gold’s recent rally stems from a weakening U.S. dollar, as investors took profits following last week’s sharp dollar gains. Since gold is dollar-denominated, a weaker dollar makes it more attractive to buyers using other currencies.Geopolitical tensions also continue to provide support, with the next target set at the $2,665 resistance level. Should gold breach this level, further recovery may follow. However, if resistance holds, the primary bearish trend suggests prioritizing selling opportunities.