Technical analysis by PSD_Trading about Symbol PAXG: Sell recommendation (10/31/2023)

XAUUSD | Having difficulty when psychology improves S&P 500 FORECAST & XAUUSD : - Gold faces difficulties as sentiment improves. Will a sustained move above $2000/oz materialize? - The S&P 500 ended last week down 10% from its highest level since the beginning of the year. This is often considered a correction. - A series of earnings and data releases await. Could earnings and data releases overshadow geopolitical risks and fuel market volatility this week? The S&P 500 is expected to rebound today as safe-haven demand eases and attention turns to upcoming data events. Tensions in the Middle East eased after an Israeli military ground offensive was less severe than expected, improving risk sentiment. Last week's earnings were mostly positive, with the exception of Alphabet's cloud business. McDonald's announced earnings this morning and beat expectations thanks to new products and low prices. The S&P lost about 10% from its July high, which is considered a correction. Buying pressure has returned but its sustainability remains uncertain next week. PROSPECTS XAUUSD Gold increased buying pressure on Friday as Israel announced a ground offensive, enhancing its safe-haven appeal. The week started with slightly improved sentiment, pushing Gold closer to the $2000 mark. To maintain the bullish momentum, it needs to break and hold above this level. The situation in the Middle East remains the main driver of Gold prices, especially ahead of the FOMC meeting on Wednesday. Any surprise announcement from the Fed could impact Gold prices in the near term. There's a lot of data coming out this week with earnings season getting underway in the US. Market participants are cautious ahead of Wednesday's FOMC meeting due to uncertainties about another interest rate hike from the Central Bank. KEY LEVELS TO PAY ATTENTION TO Support levels: 1993 - 1983 - 1973 Resistance level: 2000 - 2009,50 - 2022