Technical analysis by bruceyam about Symbol PAXG: Sell recommendation (2/28/2025)

In early February, JPMorgan and HSBC requested significant physical gold deliveries from COMEX, spurring a notable withdrawal of gold stocks from LBMA and shipments to COMEX vaults—this activity, coupled with market rumors of potential gold tariff adjustments and revaluation, created volatility. However, the U.S. Treasury dismissed any plans for revaluing gold, and profit-taking alongside reduced delivery notices slowed the pace of withdrawals. Technically, gold has achieved its first target following a breakout from a cup-and-handle pattern. With prices nearing $2,700, a correction and consolidation phase is likely before further upward momentum.