Technical analysis by winner-2008 about Symbol PAXG: Buy recommendation (3/11/2024)

Judging from the 60-minute chart, the current 20-day moving average and the 50-day moving average are still parallel and upward, and the bullish trend is still intact. Gold prices are still bullish for the time being and short selling is not recommended. Prices rose to $2,195 on Friday before quickly falling back, but did not break directly above $2,200. This indicates hesitation in the current bullish positioning range of $2,190-2,200. It is not recommended to blindly chase highs and go long. You can look for long opportunities after the price pulls back. Basic conditions driving gold prices higher: The combination of expectations that the Federal Reserve will cut interest rates this year and a weak U.S. dollar will continue to provide support for gold prices. The price currently encounters resistance in the $2176-2178 range. Radicals can go long in this range and pay attention to the support level of $2170 below. The price will continue to rise if it breaks above $2,200. If the price falls below $2,170, you will need to be cautious.