Technical analysis by FaithdrivenTrades about Symbol PAXG: Sell recommendation (8/6/2025)

Today’s FOMC event delivered no clear forward guidance on rate cuts — and markets aren’t buying the dovish narrative yet. 🔹 Fed's Mary Daly earlier emphasized patience, saying “we can’t wait forever”, but also acknowledged softening in the labor market. No urgency to cut now. 🔹 The Fed is split — but traders hoping for a preemptive cut may be too early. 🔗 Correlation View: 📍 Gold (XAUUSD) Still respecting the rising channel and reacting off resistance near Monday high and local supply. If FOMC remains neutral and yields don’t fall, we may see a fade down toward support levels around 3,349 or even 3,333 in the coming sessions. 📌 Watch for rejections below 3,380 — could signal lower move ahead. 📍 US500 (S&P Futures) Fibonacci confluence at 6,346 lining up with structural resistance. Bulls need a strong breakout above that to flip sentiment. Otherwise, we're just retracing last week’s downside leg. 🎯 If equities reject and drop → could pressure gold lower too (risk-off + strong dollar). 🧠 Key Takeaway The FOMC is not confirming any cuts just yet. Don’t trade the pivot dream until price confirms it. Let structure guide you.