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.