Technical analysis by wealthsmith23 about Symbol PAXG: Sell recommendation (12/11/2024)

Resistance Zone : The price has reached this zone but was rejected, indicating that sellers are stronger here. This resistance acts as a ceiling where the price struggles to break through. Support Zone (Highlighted in Red at the Bottom): This area represents a potential target where buyers are likely to step in and support the price. It's positioned around the 2650 level, which aligns with a strong demand zone. Price Action Analysis: After testing the resistance zone, the price is now forming a lower high, suggesting bearish momentum. The red arrow projects a potential move down from the resistance zone toward the support zone. Trend Confirmation: The chart indicates a short-term downtrend starting from the resistance zone. Trading Implications If Shorting: Entering a sell position near the resistance zone (if the price rejects it again) aligns with the downtrend. Take profit could be set around the 2650 support zone. If Waiting for Confirmation: A breakdown of interim support levels or bearish candlestick patterns could signal further downside. Alternatively, a reversal pattern near the 2650 zone could offer a long opportunity.