Technical analysis by James-Bennett about Symbol PAXG: Buy recommendation (4/26/2024)

Hello traders! XAUUSD The bulls seem to be holding firm in the market, with an ascending triangle forming. The uptrend could continue with a break of $2,330. As I mentioned: An ascending triangle is forming, price is compressed at $2330, however price is quickly breaking out towards a likely target where bears are holding $2335 - $2340, In the current scenario, I wait for a pullback to retest the support of the 2220 USD price channel to accumulate potential before growing again. The break of the mentioned line will trigger the realization and delivery phase, which will give us bullish momentum. From the 4-hour chart, XAUUSD continues to receive strong support around the $2320 level. A break below this level will see the price drop significantly, while a sustainment will result in an increase in price. It is expected that the price will recover after the correction and retest the EMA 34.89.Trade activeComment: Gold prices struggle to attract any meaningful buyers amid fresh USD buying. Bets that the Fed will keep interest rates higher for longer amid difficult inflation should help revive USD demand.Comment:Comment: Price is consolidating above the breakout level. It is expected that next week the uptrend will continue to develop based on basic news factorsComment: