Technical analysis by RalphBenjaminTrading about Symbol PAXG: Buy recommendation (5/7/2024)

Hello dear traders! Looking back at yesterday's trading session, gold has demonstrated its strength continuously after a series of 5 weeks of recovery, but in general, investor psychology still maintains optimism towards precious metals. The technical chart shows gold exiting the downtrend, which is an impressive move by the bulls as they not only successfully defended the 2310 support level but also maintained the $2300 gain for now. From the 4-hour chart, we can see that the general market trend continued to change, then the market moved into the phase of realization of the 25 USD bullish distribution since the new week's session changed. The $2328 resistance area continues to hold, but with the price compressed and gradually approaching a growing volume base, sellers have less and less chance to hold the resistance area. A break of the mentioned resistance line will trigger a realization and distribution phase, which will give us upside momentum with a target of $2350 - $2360.Trade activeTrade activeComment: