Technical analysis by Lingrid about Symbol PAXG: Sell recommendation (2/8/2024)

The market went up and missed the target level by a couple of points. XAUUSD formed a long-tailed bar; it took liquidity above the Monday high and rolled back. At this level, the price was rejected several times before. The market also formed some sort of head-and-shoulders pattern. On the daily timeframe, we have a fake breakout of the inside bar, which is a strong sign of the reversal. I expect the price to retest the support level and may be even lower depending on the trend of the price action. My target is a support level at 2024. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻Trade closed: target reached: It was a pain-free trade.