Technical analysis by Forex_Vip_Signals about Symbol PAXG: Sell recommendation (1/9/2025)

This is a 1-hour candlestick chart of XAU/USD (Gold Spot against the US Dollar), showing technical analysis:1. Uptrend Channel: The yellow channel indicates an upward price trend. The price consistently bounced between the upper and lower boundaries of this channel.2. Breakout and Support: The price has broken out of the channel, forming a new area of support near 2,675. This level is marked by a blue horizontal line.3. Target Zone: A potential bearish scenario is highlighted, where the price could drop to the "Target Zone" near 2,650. This area is represented by a horizontal blue line at the bottom.4. Predicted Price Movement: The white zigzag lines depict possible price movements:A short-term rally testing the upper resistance near 2,680-2,690.A subsequent downward movement back to the support or the target zone at 2,650.5. Analysis Context:Traders are monitoring the resistance level for rejection or a further breakout.A break below the blue support line could lead to further selling pressure toward the 2,650 target zone.This chart likely reflects a near-term bearish bias following the break from the ascending channel.