Technical analysis by Zhu-Buffett about Symbol PAXG: Sell recommendation (3/11/2025)

Market news:Spot gold continued to fall in the Asian session on Tuesday (March 11), and is currently trading around $2,885/ounce. Overnight, the price of gold fell by 0.79%, falling below the $2,900 mark, and once hit a near one-week low of $2,880/ounce during the session. Zelensky visited Saudi Arabia, and the United States was optimistic about the talks between U.S. and Ukrainian officials, and the market's concerns about the geopolitical situation cooled down; in addition, the market value of the U.S. stock market evaporated by $4 trillion, increasing investors' demand for holding currency, further promoting international gold bulls to take profits.Due to profit-taking by some investors and weak stock markets, the price of gold in London has fallen slightly. However, it may be supported by safe-haven buying in the future. U.S. stock index futures fell as the market continued to worry that retaliatory tariffs could affect the growth prospects of the United States, the world's largest economy. The escalation of the trade war and the risk of a global recession are good for gold, and the international gold price is expected to hit a new record high. If the upcoming U.S. economic data is weak, the gold investment market will be further supported. Investors will see US inflation data this week, and market expectations for the Fed's monetary policy have changed recently. Although Fed Chairman Powell said he was not in a hurry to adjust interest rate policy, the latest data showed that US economic growth slowed down and the labor market showed signs of cooling, which made investors increase their bets on the Fed's interest rate cut this year. The slowdown in US economic growth may make the Fed adopt a more relaxed monetary policy in the coming months, which supports gold.Technical Review:Gold continued to fluctuate downward with weaker expectations. The daily chart closed negative and fell back to 2880, losing the 2900 mark. The MA10/7-day moving average opened downward in a dead cross and currently moved down to 2897/2902. The price is below the middle track of the Bollinger Band, and the RSI indicator turned downward and touched the 50-value middle axis position for adjustment. The short-term four-hour chart MA10/7-day moving average formed a dead cross and opened downward at 2912 yesterday, and the moving average moved down to 2899/2903. The Bollinger Band opened downward, and the price was running in the middle and lower tracks, and the RSI indicator was running below the middle axis. The idea for gold is clear and the trading direction remains unchanged. Today's trading is still mainly based on rebound high-altitude layout, supplemented by low-multiple short-term.Today's analysis:From the current market, the daily line has been in continuous negative, indicating that the short-term control ability is very strong. At present, the short-term moving average has been strongly extended downward, driving the short-term moving average to turn downward at 2910 and 2900 respectively. Other periodic indicators have formed a short-term arrangement and turned downward as a whole. The MACD indicator has a dead cross and the downward volume is obvious, showing sufficient downward potential. Therefore, the overall daily line is expected to extend the short-term support to test the lower level. In terms of gold 4 hours, the overnight continuous negative pattern has caused the price to effectively cross the short-term moving average and the lower Bollinger track, and has driven the short-term moving average to extend downward, and the short-term moving average has turned downward, currently forming short-term resistance at 2890 and 2896 respectively. Other periodic indicators have formed a short-term arrangement, and the Bollinger band is intended to run downward as a whole. In addition, the MACD indicator is in a dead cross downward, and it is expected to continue to increase volume at any time. Therefore, the overall 4-hour level can still be expected to expand the space for short-term. The hourly level shows that the short-term gold price has broken down from a high level, and the overall hourly moving average is in a positive trend. The relatively strong downward trend in the short term is a reference. The gold price surged and then fell back, continuing its downward trend. The high-altitude trading strategy will be maintained during the day.Operation ideas:Short-term gold 2870-2873 buy, stop loss 2862, target 2890-2900;Short-term gold 2896-2899 sell, stop loss 2907, target 2870-2860;Key points:First support level: 2874, second support level: 2865, third support level: 2855First resistance level: 2890, second resistance level: 2896, third resistance level: 2906