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

Gold Weekly Forecast – April Week 2Last week, Gold (XAU/USD) reached a new all-time high at $3,168, before closing the week near $3,035, printing a strong bearish weekly candle.Despite the current risk-off sentiment in global markets — with the VIX spiking to 29 — Gold is not behaving like a safe haven just yet. Instead, the technicals suggest a pullback is necessary.There is a clear imbalance and untested support zone around $2,960, which price has yet to revisit.Primary Scenario: • Gold may open the week with a bullish bounce toward $3,070 • Then reverse with a sharp bearish leg down to $2,960 • From there, we reassess — Gold could react strongly and resume its bullish trend, or continue correcting deeper.Bias: Bearish → Bullish (if $2,960 holds)Key Levels: • Resistance: $3,070 • Support: $2,960 (main zone to watch)This scenario matches both the technical need for a pullback and the macro confusion around gold’s role as a safe haven this week.—Weekly forecast by Sphinx TradingDrop your thoughts in the comments.#Gold #XAUUSD #GoldForecast #TechnicalAnalysis #SphinxWeekly #SafeHaven #VIX #Commodities #MarketOutlook