Technical analysis by Setawudh about Symbol PAXG: Sell recommendation (1/17/2024)

Overview: Gold has recently broken below the MA200 on the 1-hour chart, signaling a potential selling opportunity. Traders are advised to exercise caution and wait for confirmation signals within specific zones before entering the market. Entry Strategy: Implement a patient entry strategy, focusing on confirmation signals within identified zones to optimize sell positions. Avoid impulsive decisions and prioritize a disciplined approach. Risk Management: Set a protective stop-loss above $2047/oz to manage potential losses. Strict adherence to risk management principles is crucial for maintaining a balanced and sustainable trading approach. Conclusion: The MA200 H1 break presents a promising sell setup in the gold market. Patience, confirmation signals, and effective risk management are key to maximizing trade success.