Technical analysis by GoldNest_by_Lovewell about Symbol PAXG: Sell recommendation (12/20/2024)

Looking at the general market trend, although the gold price has been supported by a certain amount of safe-haven inflows recently, the direction of the Fed's monetary policy is still the key factor in determining the medium-term trend of the gold price. Gold may continue to maintain a range-bound trend along with changes in the US dollar and US Treasury yields. Investors should pay attention to the release of economic data and changes in market sentiment. Technical analysis of gold: At the daily level of gold, gold rose and fell yesterday, and the daily line closed with a small positive line with a long upper shadow, which means that the short term will continue to maintain a weak downward adjustment; As long as the 5-day moving average is always under pressure, the momentum of this pressure wave from 2726 will continue; today's counter-pressure point is 2613, and the 5-day moving average resistance is 2616. The rebound pressure continues to be bearish; the 4-hour cycle is still evaluated around the gains and losses of the 10-day moving average. If it could not withstand the pressure yesterday, it will continue to be weakly suppressed; The 10-day moving average was tested and is still weak after a slight puncture; At the hourly level, pay attention to the resistance of yesterday's pullback at 618 to calculate, which is around 2611. As long as tonight's closing price does not remain at 2611, then there is a high probability of repeating yesterday's move and weakening again. Yesterday was under pressure from the 618 split position at 2625 and then continued to be negative; Considering that the US dollar has begun to stabilize and rise, silver has previously tested lower levels, and gold may not be able to resist 2611 and 618 today. In order not to miss, you can test it in groups in advance. Alt Support first looks at 2592-83. If it fails once, it will test the lows of the previous two days at 2587-2583; In general, gold's short-term operation suggests opening mainly short positions on pullbacks and taking long positions on callbacks. The top short-term focus is on the first-line resistance at 2626-2631 and the bottom short-term focus is on the first-line support at 2605-2600.