Technical analysis by PSD_Trading about Symbol PAXG: Sell recommendation (11/1/2023)

XAUUSD | Eyeing the FOMC Meeting for Fresh Impetus Experts still maintain a positive view on gold prices as the need for a safe haven continues amid the conflict in the Middle East. World gold price traded at 1,980.80 USD/ounce, down 14.81 USD/ounce compared to early yesterday morning. Precious metals fell due to a combination of psychological resistance around $2,000/ounce and profit-taking before important economic data were released. However, we still maintain a positive view on gold prices as the need for a safe haven continues amid the conflict in the Middle East. Gold prices rose more than 7% in October after investors sought safety amid this uncertainty. Currently, central banks are aggressively buying gold. During the period from January to September 2023, central banks bought a total of 800 tons of gold, mainly from countries such as China, Poland and Singapore. This number has exceeded purchasing power in the same period in 2022 due to record high demand. XAUUSD TECHNICAL OUTLOOK Looking ahead of tomorrow's FOMC meeting and we could see the precious metal remain rangebound ahead of the meeting. The range between $1980 and $2020 may remain intact as the precious metal looks for a catalyst to renew its bullish vigor. Key Levels to Keep an Eye On: Resistance levels: 2000 - 2007 - 2020 Support levels: 1990 - 1980 - 1969