Technical analysis by Mr_Zakrii about Symbol PAXG on 7/7/2025

This chart shows a 2-hour timeframe of Gold CFDs (XAU/USD) with technical analysis, highlighting recent price action, support/resistance zones, and potential market structure.Here’s a breakdown:---🔍 Current PricePrice: $3,301.334Change: -24.086 (-0.72%)---📉 Trend OverviewPrice broke downward from a rising wedge, a typically bearish pattern.There's a clear lower high and lower low forming — suggesting short-term bearish pressure.---🟡 Key Zones1. Resistance Zones$3,404 (marked in red): Strong resistance — price previously rejected from here.$3,360–$3,404: Upper supply zone, recent price peak.2. Support Zones$3,298–$3,276 (grey & yellow): Immediate support — price is testing this region.Below $3,276: Stronger demand zone where price may bounce if current support breaks.---📈 Scenarios1. Bullish Bounce PossibilityIf price holds above $3,276, a retracement or short-term reversal back toward $3,360 is likely (indicated by dotted bullish projection).A strong breakout above $3,360 could lead to retesting $3,404+.2. Bearish ContinuationIf price breaks below $3,276, it may target lower support levels.Bearish momentum is visible via dotted downtrend steps.---📌 Chart FeaturesOrange trend lines: Define the former rising wedge.Dotted lines: Suggest possible future price paths (up/down).Yellow zones: Major supply and demand levels.Icons (lightning, grid): Possibly mark news/events or high-impact zones.---🔮 SummaryCurrently, Gold is in a short-term bearish correction but is approaching a critical support zone at $3,276. Watch for:A bounce = bullish retracement toward $3,360–$3,404.A breakdown = continuation of the bearish trend.Would you like an update on potential entry/exit signals or Fibonacci retracement levels for this move?