Technical analysis by TradingArtAcademy about Symbol PAXG: Buy recommendation (11/24/2024)

Trading Idea for XAU/USD (Gold) – buy OpportunityInstrument: XAU/USDTrade Type: Short (Sell)Technical AnalysisTrend: XAU/USD shows signs of bearish pressure near a key resistance level of $1,975–$1,980, with the price forming a potential double-top pattern.Resistance Level: The $1,975 zone has acted as strong resistance multiple times, signaling a possible reversal.Indicators:RSI near 70 suggests overbought conditions, increasing the likelihood of a correction.Price struggling to stay above the 50 EMA, signaling potential downside momentum.Breakdown Signal: A decisive break below $1,960 could confirm further downside movement.