Technical analysis by TraderAceAcademy about Symbol PAXG: Sell recommendation (2/17/2025)

This is a 1-hour chart of Gold (XAU/USD), showing key levels and a recent rejection from the supply zone (blue area) around 2,942.780.Market Breakdown:•Supply Zone (Resistance): ~2,942.780•Key Intraday Resistance: 2,914.365•Current Price: 2,900.820•Recent Move: Sharp drop from the supply zone, followed by a minor recovery.Potential Trade Setups:1.Bearish Case:•If price rejects from 2,914–2,917, it could be a good shorting opportunity back to 2,880–2,870.•Watch for bearish candlestick patterns (e.g., engulfing, pin bars) near 2,914.2.Bullish Case:•If price reclaims 2,914, it could push back into the supply zone (2,942-2,945).•Look for higher lows and strong bullish candles before entering longs.Final Thoughts:•Bias: Bearish below 2,914, Bullish above 2,917.•Trading Plan: Wait for confirmation at key levels before entering.