Technical analysis by winner-2008 about Symbol PAXG: Buy recommendation (3/15/2024)

Gold will fluctuate and rise U.S. retail sales grew less than expected in February, according to data released by the U.S. Commerce Department on Thursday, highlighting concerns about the durability of consumer spending after a sharp decline at the beginning of the first quarter. U.S. retail sales increased by 0.6% monthly in February. Core retail sales, excluding auto sales, rose 0.3% on a monthly basis. The number of people filing for unemployment benefits in the United States last week was 209,000, still at a historically low level. A strong labor market and stubborn inflation will be cited as reasons for the Fed to keep interest rates unchanged for a fifth consecutive time next week. Today's U.S. Producer Price Index (PPI) is the final inflation report before the Federal Reserve decides on interest rates next week. Policymakers are expected to keep interest rates unchanged for a fifth consecutive meeting, but analysts will be looking for clues on when the central bank will start lowering borrowing costs. On the current market, gold is caught in a tug of war between long and short, with strong support at 2153 and strong pressure at 2176! In the short term, it will fluctuate within this range! The daily direction of the large cycle is still bullish, but the short-term one-hour pattern has not yet bottomed out, with large and small cycles diverging and long and short interweaving. Judging from the current 1-hour chart, gold is in a contraction form. The specific trading strategy is to establish a long position at the support level above $2,152. If it breaks through the resistance level near $2,172 above, it will continue to rise.