Technical analysis by ForexBarbieReal about Symbol PAXG: Sell recommendation (12/8/2024)

Trading Idea: Sell Target 2604 with Pullback OpportunityAsset: XAUUSDTimeframe: 2HCurrent Price: 2633Target: 2604Technical Setup:The market is in a downtrend, with lower highs and lower lows. Price is heading toward key support at 2604, a strong historical level. Indicators show continued bearish momentum:RSI is near overbought, suggesting potential for a correction.MACD remains negative, signaling more downside.Price is below both the 50 EMA and 200 EMA, confirming the overall bearish trend.A move towards 2604 may trigger a temporary pullback, so watch for reversal signals (bullish candles or patterns) for potential long entries after hitting this zone.Fundamentals:The broader market sentiment is risk-off, with global concerns over [inflation, interest rates, or economic slowdown] weighing on risk assets. Any negative economic data or geopolitical risks could drive further bearish pressure.