Technical analysis by raksazatrader about Symbol PAXG: Sell recommendation (7/2/2025)

XAU/USD M5 – Bearish Fib Retracement & Downtrend Continuation SetupGold is currently testing the Fibonacci 0.236–0.382 retracement zone after a clean bearish leg, aligning with the descending channel structure. Price is now forming a possible lower high, hinting at a potential continuation of the intraday downtrend.🔍 Key Technical Highlights:Bearish Market Structure: Price remains inside a well-respected descending channel, respecting both lower highs and lower lows.Fibonacci Confluence: Retracement into the 0.236–0.382 zone (around $3,345 – $3,347) may act as a resistance.Rejection Expected: Small distribution forming near $3,347 inside the channel resistance.Downside Targets:1.0 extension: ~$3,3381.618 extension: ~$3,330Extended target: Lower channel boundary📊 Trade Setup:Bias: Short (scalp/intraday)Sell Area: $3,345 – $3,347 (Fibonacci + structure confluence)Stop Loss: Above $3,350Target: $3,330Risk:Reward: ~1:3 (depending on entry)🧠 Tactical Note:Watch for a break and retest below $3,343–3,342 demand zone (purple box) to confirm continuation. A breakout from the descending channel would invalidate this scenario.