Technical analysis by Gold_Hunters_Club about Symbol PAXG: Sell recommendation (8/4/2025)

Gold futures rise on U.S. economic concerns and a weaker U.S. dollar. Futures are up 0.3% at $3,409.30 a troy ounce. The precious metal has gained on weak U.S. labor data released Friday, SP Angel analysts say in a note. Gold has held onto gains after surging on a surprise July Nonfarm Payroll data miss and a series of major downward revisions to May and June's numbers, SP Angel says. Traders have ramped up Federal Reserve interest-rate cut expectations on the numbers, with U.S. Treasury yields slumping in response, analysts write. Lower interest rates typically benefit non-interest bearing bullion. At the same time, a weaker U.S. dollar makes it cheaper for international purchasers to buy dollar-denominated bullion and weakens competition with gold's own safe-haven characteristics. Gold prices could reach a new all-time high over the next few months, according to Citi. The bank upgrades its near-term price forecast to $3,500/oz from $3,300/oz previously. It expects gold to trade between $3,300/oz and $3,600/oz in the coming three months. It previously forecast a range of $3,100/oz-$3,500/oz. "The near-term U.S. cyclical growth and inflation outlook has worsened of late," Citi says. "Higher tariffs than we expected are likely to result in higher U.S. inflation, the U.S. labor market continues to weaken, and Fed/data independence concerns have risen." That all means another leg higher for gold is increasingly likely.