Technical analysis by abinvestor24 about Symbol PAXG on 6/2/2024

Current Market OverviewPrice Action: Currently, XAU/USD is exhibiting signs of a temporary bullish sentiment while approaching key support levels.Primary Trend: The overarching trend appears bearish, but a short-term bullish correction may occur before resuming the downtrend.Key Support ZoneLevel: Highlighted by a blue line.Observation: Price is currently sitting at this key support level.Speculative Projection: Expect a temporary bullish reversal from this support level as buyers step in.ConclusionThe current analysis suggests a temporary bullish sentiment is likely before the final bearish trend resumes.Traders should be prepared to capitalize on both the short-term bullish movement and the subsequent bearish continuation.Always ensure proper risk management and wait for confirmation signals before entering trades.In addition the price is also at its 52-week high according to Barchart.com, suggesting a potential reason for a trend reversal.https://www.tradingview.com/x/cBUYMiSc/