Technical analysis by Betty-Bella about Symbol PAXG: Sell recommendation (12/18/2023)

Dear friends! Gold prices have stabilized after the US Federal Reserve signaled the end of its tightening monetary policy cycle. At the time of writing, prices are trading around $2019. Last week, Fed Chairman Jerome Powell mentioned that the extended period of tightening monetary policy may come to an end as the possibility of interest rate cuts is being considered. The market continues to focus on several important economic data releases: US building permits and housing starts data, scheduled for Tuesday (December 19); consumer confidence and existing home sales data on Wednesday (December 20); Philly Fed survey on Thursday, as well as durable goods orders and new home sales on Friday (December 22). From a technical perspective, the range of $2012-$2010 may provide immediate support above the psychological level of $2000. A convincing break below this level could leave gold vulnerable and reveal a new support level with an expected decline to $1975 after retesting the previously broken zone.