Technical analysis by xxChartWhizxx about Symbol PAXG: Sell recommendation (5/9/2025)

The chart shows gold trading inside a descending channel, with the current price action testing the upper boundary of the channel. The pivot zone around $3,320 is acting as a potential intraday resistance. Despite the recent bounce, the price has not yet broken structure or the descending channel, implying bearish control is still intact unless a breakout above the pivot occurs.The RSI is near 41, which is moderately bearish and suggests that there is still room for a downside move before oversold conditions. The volume spike during the last bearish candle also indicates strong selling interest near the upper channel boundary.The black arrow path suggests a probable lower high formation followed by continuation to the downside toward support near $3,260, aligning with the channel’s lower trendline.Recent hawkish Fed comments and resilient labor market data have strengthened the U.S. dollar, which typically pressures gold lower. As long as Fed rate cut expectations are pushed further out, gold may remain under pressure.