Technical analysis by TradingForecast_Signals about Symbol PAXG: Sell recommendation (2/19/2024)

Dear readers, at the beginning of the new trading week, gold has clearly broken out of its previous downward trend channel. Currently, the price of gold is trading at $2022, marking a 0.44% increase for the day. However, many analysts are predicting a short-term decline in the price of gold. On another note, after the monetary policy meeting and comments from Fed Chairman Powell, it seems likely that the Fed will maintain a "higher rates for longer" stance. As a result, the possibility of a rate cut in March has been ruled out. Powell believes that the meeting minutes could pose a risk to gold as they may reveal or reinforce the hawkish stance that the Fed is pursuing, thereby strengthening the downward momentum of gold.