Technical analysis by Pierce_Bowers about Symbol PAXG: Sell recommendation (12/5/2024)

Gold prices continue to trade sideways within a familiar range, reflecting a phase of indecision as traders await fresh catalysts for the next directional move. Support for XAU/USD comes from geopolitical tensions, ongoing concerns about trade wars, and the recent decline in US Treasury yields, which bolster the safe-haven appeal of the precious metal.From a technical perspective, the recent sideways price action can still be categorized as a bearish consolidation phase, aligning with the broader downtrend from last week. The breakdown earlier this week below a four-day ascending channel has tilted the bias in favor of sellers. However, neutral oscillators on the daily chart suggest that any slide below the overnight low of $2,622-$2,621 could encounter support near the $2,600 mark, where buyers might reenter.On the upside, immediate resistance is seen around $2,655, with the next hurdle at $2,666. Should gold breach this level, it could target the $2,677-$2,678 zone, paving the way for a potential rally toward the psychological barrier of $2,700.In the current scenario, gold’s consolidation reflects the market's cautious stance. While bearish forces hold the upper hand, the $2,600 level remains a critical support zone, ensuring that the downward movement remains measured for now. A decisive breakout on either side of the range will likely set the tone for gold’s next move.