Technical analysis by Adelaide-K1 about Symbol PAXG: Sell recommendation (12/17/2024)

XAUUSD – Selling Highs Amidst Bearish StructureIn my analysis of the XAU/USD pair yesterday, I highlighted that after the 800-pips decline, a recovery is likely. However, given the weekly Pin Bar and the bearish daily structure, I emphasized that any upward move should be viewed as a correction and a selling opportunity. Indeed, the market did see a recovery, but it was weak and short-lived. After reaching the 2665 area, the price reversed to the downside and ended the day with little change. Currently, the price is at 2652, where the recent lows are now acting as converging support, supported by the rising trend line from the recent bottom. A decisive break below this support area would shift the focus to the next key level at 2610-2615. My strategy remains unchanged: I continue to look for selling opportunities on rallies.