Technical analysis by Pierce_Bowers about Symbol PAXG: Sell recommendation (12/3/2024)

Global gold prices took a hit, shedding $13.1 to settle at $2,640 per ounce in early Tuesday trading. This drop marked the end of a four-day winning streak for the precious metal, as it faced headwinds from a strengthening US dollar.The US Dollar Index climbed 0.5%, poised for its best weekly performance in over a week. This surge made dollar-denominated gold more expensive for holders of other currencies, dampening demand for the metal.Investors are now turning their attention to upcoming economic data and comments from Federal Reserve officials, hoping to glean insights into the future direction of US interest rates. Adding to the dollar’s strength were recent remarks from President-elect Donald Trump, who emphasized the importance of BRICS nations maintaining ties with the USD, further pressuring gold prices as the week begins.