Technical analysis by ewturk about Symbol PAXG: Sell recommendation (11/29/2024)

Looking at the updated Elliott Wave analysis of Gold (XAUUSD), we can observe a clear ABC corrective structure:Wave A completed a 5-wave decline from the highsWave B formed as a corrective rally, reaching around $2720Wave C is now in progress, developing as a 5-wave impulse structure downwardCurrently in Wave C:Wave (i) has completed and Wave (ii) is nearing completion.Wave (iii) appears to be developing, showing the characteristic strong momentum of a third waveExpecting wave (iv) to form a small corrective bounceFinal wave (v) should complete the entire ABC structureKey Levels:Wave B high: ~$2720 (invalidation level)Current price: Testing key support levelsTarget for Wave C completion: ~$2450The parallel channel formation helps guide the price action and suggests the bearish momentum could continue until reaching our target zone. Traders should note that completion of this ABC structure could lead to a significant reversal.