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

Hi all,This is my first post on TradingView.I’m here to share my thoughts on market movements. I’m still a student of the market (and always will be), and I look forward to learning from the experienced traders out there.BRICS dollarization isn't going anywhere, as the group disagreed on using a single country’s currency. The dollar strengthened after President-elect Donald Trump won the US election. Gold remains a safe haven for many investors, and countries are heavily invested in it. The current indecisive market direction could lead to a short-term downside for gold if the dollar remains strong.XAUUSD GOLDI initiated a short position at 2640, risking 20 pips with a stop loss at 2660. This is a short-term swing trade, and my take-profit target is 2540.I will move my stop to breakeven if Monday's opening prices remain stagnant between 2660 and 2620. I may even close my trade entirely.Some action is happening with Gold today during the Asian session. I'm widening my risk for this trade, with a new stop loss set at 2673. I’m not opening any new positions in Gold.The reason for this is that I feel it might pop above 2660 and then experience a sell-off right after.Stopped out of my trade.