Technical analysis by Mark804 about Symbol PAXG: Sell recommendation (7/24/2025)

Gold price bears retain control amid fading safe-haven demand, rebounding USD US President Donald Trump announced late Tuesday that his administration had reached a trade deal with Japan. Furthermore, reports that the US and the European Union are heading towards a 15% trade deal boost investors' confidence and weigh on the safe-haven Gold price for the second straight day on Thursday. The markets do not expect an interest rate cut from the US Federal Reserve in July despite Trump's continuous push for lower borrowing costs. In fact, Trump has been attacking Fed Chair Jerome Powell personally over his stance on holding rates and repeatedly calling for the central bank chief's resignation. Moreover, Fed Governor Chris Waller and Trump appointee Vice Chair for Supervision Michelle Bowman have advocated a rate reduction as soon as the next policy meeting on July 30. This keeps the US Dollar depressed near a two-and-a-half-week low and could offer some support to the non-yielding yellow metal. Traders now look forward to the release of flash PMIs, which would provide a fresh insight into the global economic health and influence the safe-haven commodity. Apart from this, the crucial European Central Bank policy decision might infuse some volatility in the markets and drive the XAU/USD pair. Meanwhile, the US economic docket features Weekly Initial Jobless Claims and New Home Sales data, which, in turn, would drive the USD and contribute to producing short-term trading opportunities around the commodity. Nevertheless, the fundamental backdrop warrants caution for aggressive traders. SUPPORT 3,346 SUPPORT 3,322 SUPPORT 3,399 RESISTANCE 3,394 RESISTANCE 3,3791 support hit 100 pips done Gold sell 280 pips running BOOOOOM Check my work