Technical analysis by Trader-Rita about Symbol PAXG: Sell recommendation (12/7/2024)

NEW IDEA FOR GOLDThis precious metal, gold, is experiencing difficult days in the market. Currently, its price is caught in a battlefield between buyers and sellers. The price chart shows that $2,644 acts as a stronghold for sellers and the price has repeatedly failed to reach this level. Current market situationGold is struggling below this key resistance and buyers do not seem to have the strength to break this resistance. Instead, every time the price reaches this level, sellers gain strength and push the gold even lower. The next target of this downward pressure is the $2607 area, which plays the role of a significant support fortress. Possible scenarioIf the price remains below the $2,644 level, we are likely to see a downtrend towards $2,607. This scenario shows that the power of buyers is weakening and the dominance of sellers in the market. However, all eyes are on the $2607 level; If this barrier is broken, gold will enter new bearish territory and may move lower.