Technical analysis by Pipsview_Analysis about Symbol PAXG: Sell recommendation (3/9/2025)

Current Market Condition Gold (XAU/USD) is currently in a consolidation phase, trading within a range between $2930 and $2891. At present, the price stands at $2909.50, indicating that the market is indecisive and awaiting a breakout. On the Daily (D1) timeframe, XAU/USD has broken the previous uptrend, signaling a potential shift in momentum. The current price action suggests that the market is undergoing a retracement phase, and a deeper correction may be expected. Bearish Scenario: Downside Breakout Expected The $2930 resistance level has been tested multiple times, with strong rejection, confirming the presence of strong sellers in the market. If XAU/USD fails to regain strength above $2930, it is likely to break the key support level at $2891 and continue its downward move. Once $2891 is broken, further downside targets are: Target 01: $2859 Target 02: $2834 These levels align with historical support zones and Fibonacci retracement levels, further supporting the bearish outlook. Bullish Scenario: Breakout Above $2930 If XAU/USD gains bullish momentum and breaks above the $2930 level, buyers will take control, and the price may rally further. The immediate upside targets in this scenario are: Target 01: $2956 Target 02: $2980 Additionally, market sentiment remains highly bullish in the long term, with expectations that gold could test its all-time high of $3000. Market Sentiment & Conclusion The current sentiment in XAU/USD suggests a higher probability of downside movement, as long as the price remains below $2930. However, a breakout above this level will shift the momentum in favor of buyers, targeting new highs. Traders should monitor key levels closely and watch for confirmation before entering trades. 📌 Key Levels to Watch: 🔻 Support: $2891, $2859, $2834 🔺 Resistance: $2930, $2956, $2980, $3000