Technical analysis by Prince677 about Symbol PAXG: Sell recommendation (10/24/2023)

At the end of the latest reporting week on 17 October, financial investors were on balance betting on a rising Gold price again. The data show net long positions amounting to 15,100 contracts, compared to net short positions totalling 26,700 contracts a week earlier. Three quarters of the shift of just shy of 42,000 contracts was due to short covering, which shouldn’t come as any surprise in view of the price performance. Short covering and the simultaneous build in long positions combined amounted to the equivalent of 130 tons of Gold being purchased via the futures market. As the Gold price climbed further in the subsequent days, short positions are likely to have been further reduced and long positions further increased in the meantime.70 Pips RunningConfirm Target