Technical analysis by ForexOptimizer about Symbol PAXG: Sell recommendation (3/22/2025)

Gold (XAUUSD) has recently broken above a rising wedge resistance on the weekly timeframe but is now showing early signs of potential exhaustion. Price action is currently hovering around the $3,024 level after a strong bullish rally. However, historical patterns and structure suggest a possible bearish correction ahead.📊 Key Technical Observations:Rising Wedge Pattern: Price has been following an ascending channel with a sharp parabolic curve. The structure hints at overextension, making it vulnerable to a pullback.Previous Corrections: Two notable corrections (-8.89% and -8.15%) provide a historical benchmark, reinforcing the possibility of a similar retracement.Bearish Scenario: A potential double-top formation and rejection zone is developing around the $3,050 area.Target Zones:TP1: $2,935.95 – first major support/resistance flip zone.TP2: $2,782.94 – deeper retracement aligned with previous corrective structure.🧠 Trading Bias:Bearish bias in the short to medium term as gold may seek to correct before any continuation of the bullish trend.