Technical analysis by eL-Professor about Symbol PAXG: Sell recommendation (5/3/2025)

Gold (XAUUSD) is forming a textbook impulsive Elliott Wave structure on the 1-hour chart.Wave 3 peaked around 3,131 USD, followed by a corrective Wave 4 currently in progress.Substructure shows wave (iii) ending at 3,150.57 and an expected wave (iv) bounce capped near 3,228–3,198 USD, followed by a final dip.The projected Wave 4 termination zone lies within the confluence of:A key demand area: 3,110–3,000 USDRising channel support1.618 Fib extension of Wave A ≈ 2,982.93 USDA bullish breakout from this zone would mark the beginning of Wave 5, aiming for new highs above 3,360+ USD.📉 Short-term Bias:Expect one more drop to complete Wave 4 within the gray demand zone.📈 Medium-term Outlook:Anticipating a strong Wave 5 rally once support holds and price breaks the descending resistance trendline.🔻 Invalidation:A break below 2,982 USD would invalidate this count and suggest deeper correction.#XAUUSD #Gold #ElliottWave #Wave4 #Wave5 #TechnicalAnalysis #TradingStrategy #Forex #ICMarkets #PriceAction #1HourChart #FibLevels #BullishOutlook