Technical analysis by Forex_Vip_Signals about Symbol PAXG: Sell recommendation (2/4/2025)

This is a technical analysis chart of XAU/USD (Gold vs. US Dollar) on the 1-hour timeframe from TradingView. Here’s a breakdown of the key elements in the analysis:1. Trend Analysis:The chart shows an uptrend, with price moving within a rising channel.A bullish cup formation is visible, indicating potential continuation of the uptrend.2. Support & Resistance Levels:Support Zone: Around $2,810 - $2,800, marked as a stop-loss level.Resistance Zones:$2,874.45 (highlighted in yellow)$2,879.47 (potential breakout target)3. Trading Strategy:Bullish Setup: The chart suggests a potential breakout above $2,874.45, leading towards $2,879.47.Entry Point: Around $2,816.58 (current price level).Stop Loss: Below $2,810 - $2,800 to manage risk.Take Profit Targets:First target around $2,874.45.Second target around $2,879.47.4. Confirmation Factors:Breakout & Retest: The blue arrows indicate a possible breakout, followed by a retest of the resistance before a stronger bullish move.Trendline Support: The ascending trendline acts as dynamic support, reinforcing bullish momentum.Conclusion:Bullish Bias: If price sustains above $2,816, the target levels of $2,874 - $2,879 seem achievable.Risk Management: A stop loss around $2,800 ensures protection against unexpected reversals.Would you like more insights on potential risks or alternative trade setups?