Technical analysis by FOREX-FLOWS-GROWL about Symbol PAXG: Sell recommendation (12/5/2023)

Gold suddenly reversed and dropped sharply At the end of the trading session last night - early this morning, the price of gold delivered under the February 2024 contract dropped sharply by 46 USD/ounce, to 2,048 USD/ounce compared to the previous session. The main reason for the decrease in gold prices in the trading session last night and this morning was due to the sudden strong increase in the USD. The Dollar-Index reversed and increased sharply by 0.36%, to 103,640 points. Besides, according to CME's FedWatch Tool, investors currently only assess the Fed's possibility of cutting interest rates in March 2024 at 57%, down from 63% last week.