Technical analysis by PSD_Trading about Symbol PAXG: Sell recommendation (10/25/2023)

XAUUSD | Ease in Tensions Allows Momentary Calm XAUUSD PRICES EASE AFTER DIPLOMATIC EFFORTS ALLOW FOR MOMENTARY DE-ESCALATION An agreement was reached for aid to be sent to Gaza and two Israeli hostages returned home. Ongoing discussions may bring a temporary lull in the intense war that could escalate into a regional conflict. Israel might consider postponing its ground offensive to secure the safe release of additional hostages. This is a departure from the frequent rocket attacks by both sides seen throughout the conflict. Therefore, the XAUUSD market has taken this an opportunity to take some risk off the table and reassess the next move. Panic buying of the safe haven metal led gold higher, only showing a loss of momentum around the $1985 level. However, the chances of an extended pullback appear unlikely with the war far from over. $1937 appears as potential support for the pullback and a prompt bid higher could see $1985 come into focus very quickly in the event tensions heat up again.