Technical analysis by afzalforex110 about Symbol PAXG: Sell recommendation (3/17/2025)

This chart is a technical analysis of Gold (XAU/USD) on the 1-hour timeframe, predicting potential price movements. Here’s what it indicates:1. Previous Uptrend:Gold was moving inside an ascending channel (blue and red zone).Price bounced from the support level around $2,950 and continued rising.2. Key Resistance Zone:The yellow highlighted area represents a strong resistance where the price is struggling to break higher.A "high buy possible" signal suggests that if gold breaks above this resistance, it could continue higher.3. Potential Downside Movement:The orange circle suggests a possible reversal pattern.If gold fails to break resistance, a sell-off towards $2,980 and $2,950 is possible.The blue arrows show a potential bearish move if price rejects the resistance.Conclusion:If price breaks above resistance, gold might continue upwards.If price fails to break, a correction towards $2,950 - $2,980 is likely.This analysis suggests watching for price action at resistance before making a trade. Let me know if you need a deeper breakdown!