Technical analysis by wonderful-fate about Symbol PAXG: Sell recommendation (12/16/2024)

Spot gold traded in a narrow range near $2,654.30 an ounce in early Asian trading on Monday (Dec 16). Gold continued to take profits after hitting a more than five-week high of 2,726.05 on Thursday and extended its decline on Friday, hitting a near one-week low near $2,646 as Treasury yields continued to rise and hit a near three-week high. Markets will turn to the Fed rate decision this week. Last week's U.S. inflation and labor market data did not reverse expectations of a Fed rate cut next week, but markets think the Fed may be slightly more hawkish and signal a pause in rate cuts in January to assess the outlook for inflation and the strength of the labor market. Markets fully expect a rate cut at the upcoming meeting, with a whopping 97% chance, but the odds of another rate cut in January are only around 24%, with another cut most likely in March. The yield on the 10-year Treasury note rose to a three-week high on Friday, as markets expect the Fed to cut interest rates by a quarter point this week but signal a pause as the central bank is grappling with inflation running above its 2% annual target. In addition to the Fed rate decision, November retail sales data will be in focus this week. In addition, investors need to continue to monitor the geopolitical situation.Gold trend analysis:From the technical point of view, in last Thursday, Friday's decline, the weakness is obvious, at least in the week can be bearish to the support of 2600, wait for the week to fall to 2600 to see whether 2600 break. Combined with the strength of the rebound, you only need to short the pressure point of the one-sided average during the week, and pay attention to 2660,2672,2688 above.SELL: 2662SL: 2672TP1: 2650TP2: 2645TP3: 2640