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

Gold is trading near a key resistance zone, aligned with a descending trendline. Indicators like the RSI suggest overbought conditions, while bearish candlestick patterns reinforce the likelihood of a pullback.Fundamental Drivers:A strong U.S. dollar, supported by expectations of prolonged high interest rates from the Federal Reserve, is adding downward pressure.Weak physical demand in key markets like China and India further limits upside potential.Forecast: Failure to break above the resistance could see gold drop toward support levels near [X]. However, if the resistance is breached, the next target may be [X+].Gold remains at a critical juncture, with bearish momentum likely prevailing unless a significant catalyst shifts market sentiment.