Technical analysis by Alvin_Kennedy about Symbol PAXG: Buy recommendation (3/14/2024)

Gold Technical Analysis, March 14 Gold stabilized and rebounded yesterday, closing higher after a single bearish candle on the daily chart. Instead of further decline, short-term strong consolidation replaced the pullback, representing a brief retracement within a single trading day. The following day saw a rapid recovery of lost ground, indicating a strong consolidation pattern despite not breaking to new highs. Some consolidation at higher levels is currently underway, suggesting potential for further upside breakout. On the 4-hour chart, the price stabilized after a short-term pullback from the upper Bollinger band to the lower band. The Bollinger bands are starting to contract, while the moving averages remain divergent, indicating normal correction rather than a shift to bearish oscillation. Short-term attention should be paid to a stabilization and subsequent high retest following sideways consolidation around the 2166 low. Currently, the short-term structure appears relatively strong, with limited downside retracement potential. In terms of market sentiment, Tuesday's bearish candle was the only one in the past twelve trading days. Following this single bearish candle, the market quickly turned bullish again. It's important to note that the bearish retracement following the nine consecutive bullish days is considered a corrective pullback. We have repeatedly emphasized that retracements are part of the correction process and do not necessarily signal a shift to a bearish trend. All bearish signals are likely temporary, so it's essential to maintain a positive long bias and not be discouraged by pullbacks. The consecutive profitable long positions also validate our analysis. Gold displayed a deep V pattern yesterday, with the bullish momentum continuing. The single bearish candle in gold's price movement is merely a correction within its overall uptrend. Gold remains in a bullish trend, with a long position recommended at 2168 in the morning session. The hourly chart for gold continues its upward trend, with support now around 2167, and moving averages around 2168. Gold experienced a morning pullback, finding support near the moving averages. Currently, the price is hovering around 2168, which also coincides with the convergence of the hourly moving average and the upward trend line, making it a key support level. Therefore, it's advisable to initiate long positions at 2168. Overall, for today's gold short-term trading strategy, I suggest focusing on buying on dips, with selling on rebounds as a secondary strategy. Key resistance levels to watch out for are around 2185-2188, while key support levels are around 2166-2168. Investors should manage their positions carefully and set strict stop-loss orders. If you have any pending orders and are unsure how to proceed, please feel free to contact me promptly!