Technical analysis by Pierce_Bowers about Symbol PAXG: Sell recommendation (11/28/2024)

Gold prices are currently trading at $2,632.20, reflecting a slight recovery of +0.15%, but the market remains at a crossroads. The recent price action suggests that gold is consolidating within an ascending channel, yet the overall structure hints at underlying bearish pressure.The $2,644 level acts as a critical short-term resistance. This zone has repeatedly halted bullish attempts, signaling strong selling interest. On the downside, immediate support is found near $2,620, aligning with the lower boundary of the channel. If this level breaks, it could open the door to a deeper decline toward the $2,590 region or lower.Gold’s current movement showcases indecision among traders, as the market awaits a decisive breakout or breakdown. A break above $2,644 could signal a short-term bullish push, but without strong buying momentum, such a move may lack sustainability. On the other hand, a break below the channel would confirm a continuation of the broader downtrend.From a strategic perspective, traders should remain vigilant for signs of exhaustion near resistance or confirmation of a breakdown below support. The price trajectory in the coming sessions will likely define the next significant move for gold, whether it resumes its bearish trend or attempts a stronger rebound.