Technical analysis by AutoMarkets about Symbol PAXG: Sell recommendation (3/17/2025)

Overview:Gold is currently showing signs of consolidation after a strong bullish push. The market is at a decision point, and I’m expecting a potential retracement before the next move. My bias is bullish in the long term but waiting for confirmation before entering.⸻🔑 Key Levels to Watch:📌 Daily Support (2953) - Strong S/R level, expecting a retest before continuation.📌 4H Support (2925) - If price rejects this zone, it confirms bullish strength. A break below may lead to a deeper correction.📌 1H Consolidation Zone - Price is ranging, with sellers holding control at the top of the range. A breakout is needed for clearer direction.⸻📝 Market Observations:✅ Daily Chart: Price has broken key resistance and is now looking for a retest. The previous impulse leg suggests a retracement to build liquidity before continuing higher.✅ 4H Chart: Momentum is slowing down, with the MACD flattening and the EMAs tightening. A break and close below 2925 would indicate a possible shift in trend.✅ 1H Chart: Price is consolidating with wicks forming at the top, showing signs of bearish pressure. EMAs are flattening, and the 9 EMA is close to crossing downward, which could signal a sell-off before the next bullish move.⸻📉 Bearish Scenario:•If 2953 fails to hold, I’ll look for a deeper retracement to 2925.•A break and close below 2925 would indicate further downside potential.📈 Bullish Scenario:•If 2953 holds, I’ll wait for bullish confirmation and enter long on the second bullish candle.•If price breaks below but quickly reclaims 2953, this would be a liquidity grab, and I’ll look for a strong bullish entry.⸻⚠️ London Session Considerations:•London open can create fake moves, so I’m waiting to see how price reacts before committing.•If price makes an early push against the trend (i.e., breaks higher before dropping), this could be a liquidity grab for a short-term sell before a buy setup forms.⸻📊 Trading Plan:•Watching 2953 for rejection or break.•If confirmed, I’ll take a buy targeting new highs.•If broken, waiting for 2925 to confirm further downside or re-evaluate for shorts.