Technical analysis by james577 about Symbol PAXG: Sell recommendation (12/7/2023)

Gold (XAU/USD) broke its previous record, briefly reaching an all-time high earlier in the week, only to swiftly plummet, suggesting that the long-await bullish breakout was a fakeout. Despite waning upward momentum, bullion retains a positive technical profile, so the path of least resistance remains to the upside. With that in mind, if the precious metal resumes its ascent, the first hurdle to overcome is positioned at $2,050, followed by $2,070/$2,075. Looking higher, attention gravitates towards $2,150.