Technical analysis by Setawudh about Symbol PAXG: Sell recommendation (2/6/2024)

Overview: Gold prices are currently following a short-term downtrend, indicating a potential selling opportunity. Strategy: The focus is on seeking selling opportunities within the H1-15M timeframe zones. A strategic approach involves waiting for confirmation on the 15M-1M timeframes. Considering the market conditions, it is recommended to implement a scalping strategy for engaging acceptable positions with a favorable risk-reward ratio and effective risk management. Conclusion: In line with the short-term downtrend, traders are encouraged to explore selling opportunities in the specified timeframes. The application of a scalping strategy allows for efficient position engagement, ensuring a balanced risk-reward ratio and effective risk management.