Technical analysis by Med_In_Trade about Symbol PAXG: Sell recommendation (2/6/2025)

Date: February 6, 2025 Timeframe: M15 Instrument: Gold (XAU/USD) Market Overview : We might have found a short-term top at ATH and nearest resistance is $2,871. A Head & Shoulders pattern is starting to form. Elliott Wave (EW) suggests Wave 5 is complete, and a retracement has begun across multiple timeframes. BUT if momentum continues, $3,000 is still possible today. Key Levels to Watch : Resistance: $2,871 (nearest resistance) Support & Retracement Zones : $2,864 - $2,860 → First test zone $2,845 → Key retracement target $2,834 (1.618 Fib extension) → Deeper correction possible Scenario 1 : Retracement Confirmed If price fails to reclaim $2,871 and starts breaking below support. Target downside: $2,845 and possibly $2,834. Scenario 2 : Fake Retracement & Pump to $3K Trading Plan & Bias: Wait for confirmation at the Singapore session open. Short-term bias: Bearish only if price starts rejecting resistance & breaking structure. Invalidation : If $2,871 flips into support, the bullish trend resumes. Trade safe!!On its way to 2846 it seems, I am taking 100 pips profit here and will keep monitoring as I only scalp but the bigger move still in play so far. Be safe!!I was out at 100 pips but price just reached 200 pips. I would T/P if you haven't yet and see what NYSE will do. PS: vroom vroom beep beep lol