Technical analysis by Levont about Symbol PAXG: Sell recommendation (1/1/2025)

XAUUSD Analysis (Gold Spot/USD)📊 Timeframes Analyzed: - 1H Chart (Left): Price is trading within a descending channel, showing a clear bearish structure. The current movement has reached the upper boundary of the channel, aligning with a significant supply zone (marked in red). Additionally, the 0.382 Fibonacci retracement level reinforces this area as a potential reversal point. - 15m Chart (Right): A closer look at price action reveals consolidation within the highlighted supply zone, indicating indecision and potential exhaustion of bullish momentum. A breakdown below the zone could trigger a continuation to the downside.🔑 Key Levels: - Resistance Zone: 2,627 - 2,628 - Support Levels: 2,615 (0.618 Fibonacci) and 2,610 (0.786 Fibonacci) 📉 Outlook: The bearish bias remains intact as long as price respects the descending channel and fails to break above the supply zone. A rejection from this area could lead to a move toward lower Fibonacci levels or even test the bottom of the channel. 💡 Note: Monitor price action closely for confirmation before entering trades. A breakout above 2,628 could invalidate the bearish scenario.