Technical analysis by Pierce_Bowers about Symbol PAXG: Sell recommendation (12/9/2024)

Gold prices are currently consolidating in a tight range, as shown on the 1-hour chart. Resistance at $2,655 has been tested multiple times (red arrows), but sellers remain strong, while buyers hold firm at $2,640 (green arrow), forming a key support zone. This balance signals a potential breakout in either direction.Key Scenarios-Bullish Breakout: A sustained move above $2,655 would confirm bullish momentum, opening the door for further gains.-Bearish Breakdown: A drop below $2,640 would pave the way for a move toward $2,630 (Target 2), with potential for further downside.