Technical analysis by tradingconmike about Symbol PAXG: Sell recommendation (11/16/2023)

GOLD → $1,950 in sight Hourly candles see the XAUUSD knocking back into the 200-hour Simple Moving Average (SMA) after a failed bid for higher chart ground, slipping back from Wednesday's weekly high set at $1,975. The 50-hour SMA is showing a mixing of near-term momentum, consolidating with the longer moving average near $1,960. On the daily candlesticks, the XAU/USD is churning after a bounce off the 200-day SMA is facing resistance early on. The 200-day and 50-day SMAs are consolidating around $1,930 as long-term momentum drains out of Spot Gold, and sellers will be looking for a break of last week's bottom bids near $1,930 while the topside target remains late October's high-water mark etched in just north of the $2,000 major handle.