Technical analysis by FOREXRSMV about Symbol PAXG: Sell recommendation (12/25/2023)

XAUUSD tested the $2,070 mark on Friday before retracting from the day's opening price. With the Federal Reserve's key interest rate at its highest in 22 years, the market eagerly anticipates the Fed's initiation of interest rate cuts. The diminishing inflation in the United States is fueling investor hopes for a swift reduction in interest rates by the Fed in 2024. The U.S. Core Personal Consumption Expenditure (PCE) index for November rose by 3.2% year-on-year, slightly below the market forecast of 3.3% and a further decrease from the previous period's 3.4% (adjusted down from 3.5%). Spot gold surged over 1.10% on Friday, rallying from below to above $2,070 in a last-minute price increase before hitting resistance and reversing to the opening level near $2,050. Support 2045 2036 Resistance 2063 2072 2085 XAU/USD's intraday movements have seen strong performance towards the end of the year. The medium-term target may be the support area below 1975. The market may test the support of the global price channel before further growth. At the moment, the priority of forces is for the bulls, as there are a number of nuances and patterns that point to this.