Technical analysis by James-Bennett about Symbol PAXG: Buy recommendation (4/27/2024)

Hi everybody! Data released on Friday showed that the US personal consumption expenditures (PCE) price index rose 0.3% last month, an increase in line with forecasts. Experts say that this increase is unlikely to change expectations that the US Federal Reserve (FED) will continue to maintain tightening policy until September. While data continues to suggest inflation remains “persistent,” gold's reaction suggests the market has priced in this. It is likely that gold will consolidate within the range of 2,300 - 2,400 USD/ounce in the short term. Looking ahead: The Fed is facing a challenging environment as inflation remains “persistent” and economic activity begins to weaken. Inflation data is released 1 day after first quarter GDP data. This year, the US economy has seen its slowest growth rate in nearly 2 years. Regarding impact news: when faced with a stagflation environment, the US Central Bank will likely ignore rising inflation and focus on supporting the economy, which will be a positive environment for Yellow. Regarding the new outlook for XAUUSD: gold prices are in an accumulation phase. Gold prices may rebound if US inflation weakens." Currently, gold prices are being supported by the net buying trend of gold by central banks and the large physical gold demand of Chinese and Indian consumers, thereby supporting gold. It is expected that next week gold will reach 2,400 USD. And you? Next week's standout economic news that could affect gold prices is the Fed's monetary policy decision on Wednesday; US nonfarm payrolls report on Friday.Trade activeComment: This week, 10 Wall Street analysts participated in Kitco News' gold survey. The views are almost identical to last week. 7 experts (equivalent to 70%) predict gold prices will rise higher next week. Meanwhile, 2 analysts (accounting for 20%) believe that gold will continue to trade sideways. Only 1 analyst (equivalent to 10%) predicts a price decrease.Comment: good luck every one