Technical analysis by The_FxTricks about Symbol PAXG: Sell recommendation (12/1/2024)

This chart represents the price movement of Gold Spot (XAU/USD) on a 1-hour timeframe, showing key levels of interest, areas of potential sell zones, and market structure concepts. Here's the breakdown of the important components:Key Elements on the Chart:Highlighted Resistance Levels (Red Zones):Possible Sell - Risky (2704.35): Marked as a potential resistance zone where selling pressure might emerge.Possible Sell - Risky (2676.62): Another sell zone that could act as a resistance point.These levels indicate areas where price may reverse due to historical price action or imbalance.Support Zones (Purple Zones):IMB 1h (2576.18): This area represents a 1-hour imbalance or Fair Value Gap (FVG), which is a potential support zone where buyers may step in.Low Zone (2536.09): A significant historical support level where the price might bounce if tested.Internal Change of Character (iCHoCH - 4h):This label signifies a shift in market structure on the 4-hour timeframe. The price broke through a key level, suggesting a reversal or the start of a new trend.Positioned in the middle of the chart, this change initiated the recent bullish trend.Current Price Action (2650):The price is currently consolidating around the 2650 level, possibly preparing for its next move.Directional Bias:If the price moves higher and breaks through 2676.62 or 2704.35, it could continue upward toward new highs.If resistance holds and the price reverses, a bearish move toward 2576.18 or lower could occur.Manipulation Zones:As highlighted in the analysis, the early-week movements (Monday and Tuesday) will be critical in identifying whether the market manipulates the sell zones or seeks liquidity below.Summary:The chart shows a clear range with potential resistance at 2676–2704 and support at 2576–2536. The current price near 2650 is at a decision point, where breaking resistance could lead to bullish continuation, while holding resistance might trigger a bearish move. Market manipulation early in the week will provide further confirmation of direction.