Technical analysis by Veraa_Queen about Symbol PAXG: Sell recommendation (12/13/2023)

⚡️ The price of GOLD remained relatively stable yesterday, with a small sideways movement despite the strong impact of the CPI index on the market. ⚡️ GOLD opened at 1982 per ounce and closed near that level. It reached a high of 1996 per ounce and a low of 1977 per ounce, fluctuating around 200 pips. ⚡️ The price of gold initially rose but then reversed its gains after positive news about the US CPI index. The personal consumption expenditure (PCE) and the CPI for the year and month showed a slight increase, in line with predictions. This is a positive signal for the US dollar. ⚡️ The monthly CPI increased slightly from 0 to 0.1%, while the yearly CPI decreased as predicted from 3.2% to 3.1%. This indicates that inflation is somewhat contained, leading to a temporary decrease in the price of gold. However, this will have a significant impact on the Federal Reserve's decision to maintain or cut interest rates in the near future, so the decrease may only be temporary. Therefore, gold ended the session near its opening price. ⚡️ From a technical standpoint, gold is still following a short-term downward trend on the H4 chart, with upcoming support levels at 1969-1949 (potential buying opportunities at these levels). The expectation is that the price will continue to decrease slightly towards these levels. ⚡️⚡️⚡️ The closest and most relevant resistance that can be of concern is the period from 1982-1987, which could indicate the potential for a reversal and reaction in this area. A defensive resistance for a breakout could be reconsidered in the 96-01 region. However, if it returns here, there will need to be new information that could adjust the price by nearly 20. The nearest support to take note of is at 1947-1942, where there is a possibility of a short-term reversal that should be carefully considered in this area. Wishing everyone a successful trading day 🌷🌷🌷