Technical analysis by Pierce_Bowers about Symbol PAXG: Sell recommendation (12/14/2024)

After a period of bullish momentum, gold prices are now showing signs of exhaustion as they retreat from the key resistance level at $2,718. This failed attempt to break higher has led to a noticeable shift in market sentiment, setting the stage for potential further declines.The chart highlights a double-top formation at the resistance zone, signaling a bearish reversal pattern. As prices edge lower, attention now shifts to the critical support range between $2,622 and $2,560, marked in blue. This area represents a consolidation zone where traders should watch for potential price reactions.If the price sustains below this support range, the next logical target lies near $2,542, aligning with the 1.618 Fibonacci extension. However, a bounce from this zone could provide short-term trading opportunities, depending on the broader market conditions.This interplay between resistance and support levels underscores the importance of strategic decision-making in navigating the current market dynamics. Where do you think gold is heading next?