Technical analysis by Alena-Blohm about Symbol PAXG: Sell recommendation (12/12/2023)

As predicted yesterday, gold continued its sharp decline, reaching a low of $1975 in the early trading days of the week. Regarding the news: Gold prices today are experiencing downward pressure as US bond yields rise by 4.26%. This has led to an increase in the value of the US dollar against many other currencies, putting gold in a disadvantageous position. In light of this, the Federal Reserve has maintained interest rates in its recent meetings. Given this context, it is likely that investors, concerned about risks, have sold off their gold holdings when it was trading around $2000 per ounce. Therefore, it would not be surprising if prices continue to decrease, with an expected drop to $1962 and the downward trend potentially lasting even longer to reach $1956Trade activeComment: