Technical analysis by DollarsMagnet about Symbol PAXG: Sell recommendation (5/8/2025)

XAUUSD Analysis – Bearish Setup After Strong Rejection XAUUSD On the higher timeframes, XAUUSD has been moving in a strong uptrend, recently marking an all-time high at 3500. After hitting this peak, price corrected lower towards key support areas and found buyers around 3204. Following the bounce, gold rallied back to 3438, where it formed a strong bearish engulfing candle — a significant drop of over 550+ pips on the 1-hour timeframe.The bearish momentum was strong enough to break down a major support zone, which also acted as a demand area. Currently, XAUUSD is taking support around the 200 EMA, and a retracement move is underway back toward the resistance zone (previous support turned resistance), where a supply zone and our bearish order block are located.🔔 Trade Activation Plan:We will look to open sell positions after a strong bearish candlestick confirmation at the resistance zone.Key Technical Target Levels:- First Target: 3279- Second Target: 3240- Final Target: 3204Patience is key — waiting for confirmation at the resistance ensures higher probability trade setups.🙏 Support me by following DollarsMagnet on TradingView for more professional market analysis and trade ideas!#XAUUSD #GoldAnalysis #TradingSetup #DollarsMagnetGold Market Update:As I told you all earlier, Gold was expected to fall from the resistance level where a bearish order block was identified.And it played out exactly as planned!Price dropped sharply from our marked zone at 3365 down to 3300 — all within just a few hours!That's over 650+ pips profit caught — absolutely amazing!Congratulations to everyone who followed the analysis! 🎯💥Stay tuned for the next big move!