Technical analysis by Alexia_Putellas about Symbol PAXG: Sell recommendation (11/7/2023)

Alexia , hello every one!The price of gold continues to decline today, trading at $1966 and losing 0.12% during the day.Gold is under pressure to decrease as the US dollar in the international market rapidly rebounds after a decline due to the Federal Reserve's dovish signals. The DXY index, which measures the fluctuations of the US dollar against a basket of six major currencies, has risen from 105 points to 105.7 points and plays a significant role as a strong resistance to the rise in the price of precious metals.Forecast for gold and future trends:Despite the significant decrease, demand for this commodity is increasing again, and some forecasts suggest that gold may not decline deeply as it is also considered a safe haven asset during times of increased political tensions.Moreover, it is difficult for the US dollar to strengthen significantly as the Fed has signaled a less hawkish stance and the US is nearing the end of its interest rate hike cycle. The decline may form around the $1950 level.