Technical analysis by MarkEliza about Symbol PAXG: Sell recommendation (2/14/2024)

Gold price (XAU/USD) extends its sideways consolidative price move and remains depressed below the $2,000 psychological mark, or a two-month low heading into the European session on Monday. The stronger-than-expected US consumer inflation report released on Tuesday fueled speculations that the Federal Reserve (Fed) will wait until the June policy meeting before cutting interest rates. This remains supportive of elevated US Treasury bond yields and undermines the non-yielding yellow metal. That said, a modest US Dollar (USD) pullback from its highest level since November 14 touched the previous day lends some support to the Gold price. Apart from this, a turnaround in the risk sentiment – as depicted by a sharp decline across the global equity markets – assists the safe-haven precious metal in defending the 100-day Simple Moving Average (SMA) support. That said, the aforementioned fundamental backdrop suggests that the path of least resistance for the XAU/USD remains to the downside.Trade activeComment: Follow My ChartComment: Confirm Target'Comment: Confirm AnalysisComment: 30 Pips DoneComment: 60 Pips RunningComment: Follow My Chart.Comment: 70 Pips Enjoy GuyssComment: Support My Chart/.Comment: Running Amazing ProfitComment: 80 Pips Done Enjoy GuyssComment: Enjoy GuysComment: Need Your Support