Technical analysis by Pipsview_Analysis about Symbol PAXG: Sell recommendation (3/5/2025)

Gold (XAU/USD) has encountered a strong resistance zone between 2921 and 2924, leading to a rejection at this level. This area has proven to be a significant hurdle for buyers, indicating strong selling pressure. As a result, we may see a potential downside move unless gold manages to break above this resistance convincingly. Key Levels and Market Outlook: Bearish Scenario: If the rejection holds, gold could move lower towards its immediate support levels. The first downside target is 2906, which acts as a minor support. If selling pressure continues and gold breaks below 2906, the next target is 2892, a stronger support level where buyers might step in. Bullish Breakout Possibility: If gold breaks above the 2924 resistance level, the next resistance to watch is at 2930. A break above 2930 would indicate strong bullish momentum, potentially leading to a further rally in gold prices. Market Sentiment and Trading Plan: A bearish bias is favored as long as gold remains below 2924 and continues rejecting this level. A bullish breakout scenario will be confirmed only if gold surpasses 2930, leading to a continuation of the uptrend.Target 01 reached