Technical analysis by Zola_Hello about Symbol PAXG: Sell recommendation (1/16/2025)

XAU/USD is fluctuating around the $2,700 level, showing consolidation as moderate U.S. inflation data supports expectations for further Fed rate cuts. On the daily chart, the price is approaching strong resistance at $2,723.428, but bullish momentum is slowing due to buyer hesitation.If the price fails to sustain above $2,700, it is likely to pull back to test key support at $2,620 - $2,583.466. A break below this zone could push the price into a deeper bearish trend.Trading Strategy:Short-term Sell: As the price approaches the $2,723.428 zone, target $2,620 and $2,583.466. Set a stop-loss above $2,730.Monitor Support Zone: If the price holds above $2,620, consider short-term buying with a target back to $2,700.While bulls await clear signals above $2,700, caution around bond yields and Fed policy may exert further bearish pressure in the short term. Watch price action near $2,723 for precise trading decisions.