Technical analysis by Johnson67 about Symbol PAXG: Sell recommendation (5/30/2025)

Technical Features Highlighted1. Market StructureThe chart displays a clear Elliott Wave-style labeling of market swings (impulse and correctional waves), marked with circular nodes.A Double Bottom (or possible reversal zone) is seen around the $3,160 level, marked with a blue circle labeled "DS".Price is currently in a corrective structure, potentially forming a lower high with projections of a bearish continuation.2. Key Zones IdentifiedResistance Zone: Around $3,313 to $3,328 (highlighted in green).Support Zone: Around $3,100 to $3,160 (highlighted in red at the bottom).Fair Value Gap (FVG): An imbalance zone is marked between earlier bullish impulsive candles, indicating potential for price to revisit and fill this inefficiency.3. Trend & ProjectionThe overall structure suggests a potential bearish trend, with price likely to continue lower after a minor pullback.The final price projection arrows suggest a target near or below the $3,160 level, possibly aiming for $3,100 or lower.---Indicators and ToolsManual Markings: The chart features extensive use of drawing tools—trendlines, projection arrows, and boxes—to illustrate price movement patterns.No active indicators (like RSI, MACD, or Moving Averages) are shown, indicating a price action-based strategy.---ConclusionThis chart illustrates a methodical price action analysis of gold, leveraging market structure, support/resistance levels, and imbalances (FVGs) to anticipate a bearish move in the short term. The trader seems to be preparing for a short setup with a potential target near previous lows.300 last market close