Technical analysis by Alena-Blohm about Symbol PAXG: Sell recommendation (12/13/2023)

Dear friends, The gold market is currently facing a disadvantage, with prices dropping from $1995 to $1980. At present, the price is trading around this level and there have been no new breakthroughs. Today, gold prices continue to decline as the US announces that the annual Consumer Price Index (CPI) in November 2023 has increased by 3.1%, which is 0.1% lower than the previous month's 3.2%. Additionally, the US also reveals that the core inflation rate in November 2023 has risen by 4%, remaining unchanged from the previous month and aligning with market forecasts. Therefore, it would come as no surprise if the Federal Reserve keeps interest rates unchanged after its meeting on the morning of December 14th. Many people have reduced their expectations of an early rate cut by the Fed, so the least challenging path for gold at the moment is a decrease to an expected level of $1945.