Technical analysis by Karina_Bella about Symbol PAXG on 1/17/2024

Hello dear friends!Gold prices today continued to fall sharply with gold down 25 USD to 2,001SD/ounce but soon regained the level of 2010 USD at the time of writing.Accordingly, gold prices continued to plummet to a more than 1-month low in mid-week trading session as strong economic data strengthened the USD and Treasury bond yields and reduced market expectations about the US interest rate cut in March.Gold's close below $2,015/ounce signals that the sideways range has been broken and the precious metal is entering bearish territory, with it still expected to reach $2,000 again and possibly lower to $1,990.