Technical analysis by rday1927 about Symbol PAXG on 9/14/2023

For the past few months, we've witnessed a significant increase in inflation, but the interest rates have not yet responded accordingly. Consequently, we anticipate a potentially aggressive bearish movement towards the 1860 range in the upcoming month. Even if the FED takes a different approach and decides to raise interest rates, it's likely that there will be fewer buyers in the market. XAUSD might decline to the 1800 range and may only start to recover by the year 2024.Let me know what you think?Congratulations to those who took a short position!As we can see from the last chart we posted 2 weeks ago, the market had a slight upward movement, likely to clear out some unfulfilled orders before continuing the bearish trend.Now, the question is: When will it start going up?The honest answer to that is nobody really knows!However, if we stick to trend analysis, it's pretty clear that the market is currently in a downward phase. What's crucial here is patience. We're patiently waiting to see if a strong resistance at 1895 -1880 or a support level forms within the 1875 - 1860 range.Both retailers and major players in the market are currently in a holding pattern, eagerly awaiting for a potentially significant news that's expected to drop later this month before they take any decisive action.Patience is the key, because when the right time comes, it will be very beautiful and totally worth the wait. TAYOR!