Technical analysis by Alexia_Putellas about Symbol PAXG: Sell recommendation (11/8/2023)

Dear friends, Currently, the price of gold is decreasing due to the close relationship between gold and the sharp drop in oil prices. The WTI oil price has dropped to $77 per barrel.Although the increase in the US dollar has an impact on the price of gold, precious metals still attract the attention of major investors.At the time of writing this article, gold is trading around $1947 - $1954, indicating that gold is relatively calm. It is expected that the price of gold will decline to $1932 after retesting the previously broken resistance level in the near future, thanks to the stable trend on the 3H timeframe.The yield of US Treasury bonds extends the losses after the US Treasury auctioned 40 billion USD of 10 -year bonds at 4.519% compared to 4.61% previously seen.The "hawk" signals from the President of the US Federal Reserve (Fed) Powell on Friday have submerged in the context of this precious metal that is lacking support factors.