📉 $PAXG
Short-Term Exhaustion Setup
PAX Gold ($PAXG) is showing signs of local fatigue after failing to sustain momentum above the $5,155 – $5,160 resistance cluster. On smaller timeframes, the price is printing a series of lower highs, indicating that buyers are stepping back.
Currently trading around $5,135, the asset is testing critical intraday support. A decisive break here could open the doors for a deeper mean-reversion move.
📊 Trade Specifications (Short)
Market Bias: Bearish (Below $5,160)
Entry Zone: $5,130 – $5,160
Invalidation (SL): $5,175+ (Breakout above resistance)
Take Profit Targets:
TP1: $5,100
TP2: $5,060
TP3: $5,000 (Psychological Support)
🔎 Technical Commentary
Resistance Rejection: The inability to clear $5,160 despite several attempts suggests a temporary top is in place.
Momentum Fade: The RSI is trending downward on the 1H/4H charts, confirming that the impulsive buying seen earlier this month is cooling off.
Critical Support: Watch the $5,120 level closely. If this support flips to resistance, it will confirm the bearish continuation toward our primary targets.
Risk Alert: Since $PAXG is pegged to physical gold, keep an eye on DXY (US Dollar Index) movements. A sharp drop in the Dollar could provide an unexpected bounce for Gold-backed assets.
Short $PAXG and trade the correction with me! 💛
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