Technical analysis by Pipsview_Analysis about Symbol PAXG: Sell recommendation (4/15/2025)

XAUUSD formed a symmetrical triangle pattern (converging trendlines), followed by a breakdown of the ascending trendline, suggesting bearish momentum. Price has broken below the ascending support trendline and is currently testing a minor consolidation zone, indicating potential for further downside. 🔻 Bearish Setup: Entry Point: Current price around $3,223.36, just below the broken ascending trendline. Ideal sell entry confirmation has occurred with the break of the ascending trendline support. 🎯 Downside Targets: Target 1: $3,194.752 This level aligns with previous structure support and is the first take-profit zone. Target 2: $3,176.149 A deeper support zone formed by previous price action. If price continues bearish momentum, it will likely react here. Target 3: $3,132.646 This is a major support zone and the final take-profit level based on the chart. Reaching here would confirm a full bearish move. 🛑 Stop Loss Placement: $3,247.014 Placed above the upper resistance trendline and recent swing high. If price breaks above this level, it invalidates the bearish pattern. 📈 Key Chart Details: Candlestick Behavior: Multiple rejections at the upper trendline suggest strong resistance. Volume: Volume spike at the breakdown level would further confirm bearish bias (not visible in the current image, but important to monitor). Risk-Reward: The setup shows a favorable risk-to-reward ratio, especially if holding till Target 3. ⚠️ Potential Considerations: Watch for fakeouts or retests of the broken trendline. A retest of $3,230-$3,235 could occur before further decline. Monitor economic news/events like U.S. inflation, Fed announcements, or geopolitical tensions as they heavily impact gold. ✅ Conclusion: This is a high-probability short setup for XAUUSD, with confirmation from: Symmetrical triangle breakdown, Lower highs, Clear downside targets, Well-defined stop-loss. If bearish momentum continues and fundamentals align, gold could slide toward $3,132, completing the full projected move.