Technical analysis by SirWiggir about Symbol PAXG: Sell recommendation (1/3/2024)

Many analysis came out last year that Gold will shoot up to 2200 since its last pump to 2150 area. But was it hyped for a reason? Or is it really the so-called demand-season?For me, Gold will forever be looking for a way up due to the following reasons:- Gold is always a good investment option: physical gold (i.e. gold bars, rings, luxury items) or traded gold- Semi-con industries requires Gold: microchips, ICs and such devices- Gold is one of the 'safe-havens' of investment (google it for more details)Fundamentally, Gold usually has huge demand during year-end as investors tend to convert funds to safe-havens (USD, Gold, Silver, and other commodities). Additionally, US dollar weakens for the final quarter of 2023 (political, military and economic reasons).However, on the technical perspective, a huge rejection was evident on Dec. 4, suggesting that if a resistance retest will be successful, it might fall deep.On my personal view, since there are looming news about war, nuclear threats, economic shifting, a possibility of recession, and Gold failing to break the resistance around 2080, I would look for SELL positions targeting 1950 in the short term while waiting for a possibility of a drop down to 1800 mid term.USD is still the king of safe-havens. Should a war broke-out to multiple countries, currencies and commodities (including Gold) would drop to an unbelievable levels; probably worst than Covid and Ukraine-Russia effect.On Jan. 17, TP1 @ 2005 was hit.It retested the resistance at the trendline, but it failed today during the NFP news.I now see GOLD falling to 1950 area.P.S. I reopened position at 2043-2033 area during the news. Now at +50% profit running.Closed trade with +300% profit! waiting for re-entry at 2020-2030 area