Technical analysis by Innovative_Trading_Systems about Symbol PAXG: Sell recommendation (2/8/2025)

The chart shows a Fibonacci retracement on the 1-hour timeframe for XAUUSD (Gold vs. USD). Key observations:Current Price: 2,860.88Fibonacci Levels:0.236 (2,846.78) – Key support level0.382 (2,854.51) – Immediate support0.5 (2,860.76) – Price is hovering around this level0.618 (2,867.00) – Resistance0.786 (2,875.90) – Strong resistanceBearish Engulfing Pattern: This suggests possible downward pressure.Possible Scenarios:1. Bullish Case:If price breaks and holds above 2,867 (0.618), it may test 2,875 (0.786) and higher.2. Bearish Case:If price fails to hold above 2,860.76 (0.5 level), it could drop towards 2,854 (0.382).Further downside could see 2,846 (0.236) and even 2,834 (0% Fib level).Given the bearish engulfing pattern and current struggle near 0.5 Fib, a drop towards 2,854 or 2,846 is likely unless bulls reclaim 2,867.