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

Welcome investors! Let's analyze the gold market situation after notable fluctuations in recent days. April 25 witnessed a sell-off of stocks globally, leading to US and European stock indexes sinking deeply into the red. This prompted many investors to redirect their investment capital to precious metals such as gold, causing gold prices to skyrocket that day. Amid market uncertainty, gold seems to have become a safe haven, with world gold prices increasing from $2,310 to $2,346 per ounce. This shows that demand for gold is increasing due to expectations of short-term price increases. In terms of trends, gold is receiving significant attention from investors. Gold prices are forecast to continue moving up within its rising price channel, with current support at around $2,330. The short-term goal is to reach the upper limit of the bullish channel, with access to $2,350 and possibly higher if the market is favorable. In general, with current developments, the gold market is likely to witness new price increases. What do you think about this prospect? Please share your views on XAUUSD's next direction!Trade activeTrade active