Technical analysis by vlcnrtrk about Symbol PAXG: Buy recommendation (4/3/2024)

Fundamental Analysis: As we know, after the abundant money spent during the pandemic period, countries increased interest rates to the highest levels in recent years to combat inflation. According to many sources, the US has reached its peak or is planning a final increase. I think that gold, which remained silent during this period, will start a significant rally in 2024 due to fundamentals such as the weakening of the dollar and the increase in global tensions. Technical Analysis: I think the rise in gold to the last 2000 region was the first wave of the new impulse. I think we completed the correction of the first wave with the last rally of the dollar. I think the most logical view for now is that we are in the first correction of the main upward wave and that the main upward wave will begin in the coming weeks. The price, which remains above the 12-month average, confirms the outlook.Comment: As of April 2024, ounce gold is at its historical peak, 30.7% higher on TL basis, and the target has been approached. When concrete steps are taken in the US interest rate reduction process, it will aim higher. Ounce of Gold: $2300 (+17.3%) Spot Gram Gold: 2360 TL (+30.7%) Dollar:31.92 TL (+11.3%)