Technical analysis by phsephse about Symbol PAXG: Sell recommendation (2/24/2025)

On Monday (February 24) in the Asian session, spot gold fluctuated in a narrow range and is currently trading around 2938.04/ounce. Gold prices fluctuated at high levels last Friday as investors took profits after setting a record high. Gold prices fell to around 2916.66 during trading last Friday, but US President Trump's tariff plan still attracted bargain hunting and safe-haven buying, closing at 2936.17/ounce, with a weekly increase of about 1.85%, the eighth consecutive week of increase. Can the gold bull market continue? At present, the strong trend of gold is mainly driven by three factors:The Federal Reserve's monetary policy is still uncertain. Although the market is betting on interest rate cuts starting in July, if future inflation data rebounds, the Federal Reserve may postpone interest rate cuts, thereby weakening the support factors for gold.The market's reliance on central bank gold purchases may be overestimated. Although central banks' gold purchases are indeed an important support, once the economic environment improves, the pace of central bank gold purchases may slow down, and the market's excessive expectations of central bank purchases may lead to a correction in gold prices.In the short term, gold prices may face profit-taking pressure. Gold has risen for eight consecutive weeks, and some investors may choose to lock in profits at high levels, leading to short-term adjustments.Overall, gold still has upward potential, but the short-term increase is too large, so be careful of large fluctuations at high levels.Gold strategy: sell at 2942, SL 2952, TP 2920-2910;I want to know if you come to the market to make money or to gamble? If you want to make money, follow me. Do as I say, and your profit will double. Let your profit grow. As long as you stick to it, your stable profit will be at least 200% to 400% per week. Don't wait until your account balance is 0 to realize that there is something wrong with your trading method. If you lose money, I will compensate you for your losses! Believe me, our cooperation will win in the end! t.me/+k9acVOilVBM2MDI0