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

Bearish Analysis for XAU/USD Symbol: XAU/USD (Gold to US Dollar) Technical Analysis: 1. Daily Chart: Main Trend: Currently, the XAU/USD is in a downtrend, displaying lower highs and lower lows, indicating a prevailing bearish sentiment. Resistance Level: The key resistance level is around , and the price has faced difficulties breaking above this level, suggesting potential downward pressure. Forecast: Considering the technical and fundamental analysis, XAU/USD is likely to continue its bearish trend towards . Caution is advised, and entry and exit points may vary based on market conditions. Trading Guide: Timely Entry: Entering short positions might be effective if the downtrend is confirmed. Risk Management: Placing stops and limits is crucial for effective risk management. Note: Always stay vigilant to market changes and base your trading decisions on the latest information.