Technical analysis by ew_17i about Symbol PAXG: Sell recommendation (4/6/2025)

The gold market is currently undergoing a corrective phase after completing a clear Elliott Wave 5-wave impulse structure to the upside, as marked on the chart.🟦 Wave Count Overview:The chart shows a completed 5-wave impulse structure labeled (1) to (5).The sub-waves within Wave (5) are also clearly detailed: (i), (ii), (iii), (iv), and (v).This suggests that the bullish cycle has likely peaked near the $3,080–$3,100 range.🔽 Expected Correction:A sharp downward move has already started after Wave (v), implying a potential ABC corrective pattern is underway.The arrow indicates a projected move towards the $2,960 support zone, marked by the first purple rectangle. This zone previously acted as resistance and now could serve as a demand area.🟪 Key Support Zones:$2,950–$2,970: Minor support based on the consolidation from mid-March.$2,850–$2,870: Stronger support level, also aligned with lower channel support and previous Wave (4).📉 Trend Analysis:The price is still within a long-term rising channel.A breakdown below the $2,950 zone could bring gold toward the $2,850 zone, where the structure suggests more significant support.🔍 Conclusion:Gold appears to be entering a corrective phase after an extended bullish run. Traders should monitor how price reacts around the $2,950–$2,850 levels. A bounce from those zones could provide long opportunities, while a breakdown would confirm a deeper retracement.#gold #xauusd