Technical analysis by jefijefi6 about Symbol PAXG: Sell recommendation (2/6/2025)

From the daily chart, after stabilizing at $2,800, the price of gold resumed its upward trend. Any pullback at the beginning of the week was seen as a bargain hunting opportunity. It continued to rise with a forced short squeeze, and combined with fundamental news, it continued to refresh the historical high to around 2,880, further extending the space, but there was a sell-off above 2,880. Combined with the overbought divergence of the bulls, it is currently continuing to fall. After breaking the 4-hour cycle middle track of 2,845, the gold rising pattern has initially changed. At present, it needs to test the pressure conversion support of the previous high point near 2,830. Before breaking, the gold bull sentiment always occupies the market.At present, gold has not yet reached the bottom of the retracement. The 5-day moving average of 2830 cannot hold up. There will be another retracement next week. If the closing line is above 2850, it depends on the impact after the release of non-agricultural data. The short-term pressure on gold is 2855 and 2863. If it is touched, you can try to short with a stop loss. You can go long at 2834. On the whole, the short-term operation strategy for gold today is mainly to go short on rebounds and to go long on pullbacks. The short-term focus on the upper side is 2855-2858 resistance, and the short-term focus on the lower side is 2830-2834 support. Friends must keep up with the rhythm.Gold operation strategy reference:Short order strategy:Short in batches when gold rebounds around 2855-2858SL 2865, TP around 2840-2835, if it breaks through, hold it to 2830Long order strategy:Long in batches when gold pulls back around 2830-2834SL 2825, TP around 2840-2845, if it breaks through, hold it to 2850