Technical analysis by NaranjCapital about Symbol PAXG: Sell recommendation (8/8/2024)

● Gold prices fell after hitting a high at $3057.59 due to a stronger US dollar, making it more expensive for overseas buyers.● Despite this, gold is set for its third consecutive weekly gain, up 0.7% this week.● Market participants expect at least two US Federal Reserve rate cuts this year, supporting gold's long-term bullish outlook.◉ Technical Observations● While moving through the rising parallel channel, the price has just faced resistance from the upper boundary and is expected to have a pullback towards $2,950.● If the price slips below this level, the next strong support is expected near $2,790.