Technical analysis by MarkEliza about Symbol PAXG: Sell recommendation (2/13/2024)

Gold price (XAU/USD) delivers a swift recovery as the appeal of safe-haven assets improves amid escalating Middle East tensions. The recovery move in the Gold price will be tested by the United States Consumer Price Index (CPI) data for January, which will be published at 13:30 GMT. The consensus shows that price pressures are expected to have softened as the Federal Reserve (Fed) has been holding interest rates in the range of 5.25%-5.50% for longer. The inflation data will significantly impact the outlook for interest rates. Softer inflation would be positive for Gold as it makes it more likely interest rates will fall, lowering the opportunity cost of holding Gold, which is non-yielding.Trade activeComment: Confirm Cpi MoveComment: Follow My ChartComment: Start Profit GuyssComment: Running Profit Guysss