Technical analysis by RalphBenjaminTrading about Symbol PAXG: Buy recommendation (5/8/2024)

Hello all of you! XAUUSD is still falling amid a strengthening dollar and falling US Treasury yields. Scarce economic data in the United States will keep investors focused on Federal Reserve officials in the week following last Friday's US jobs report. In the mentioned chart, technical indicators are still negative, But! The price wave is still forming in a wedge bound below the $2,328 resistance. In theory, the price will break the resistance and take distribution in the medium term. This generally reflects a lack of purchasing power at the present time. Looking ahead and according to the 4-hour chart, XAU/USD is neutral. XAUUSD is still reacting to EMA 34.89. Overall, risks are tilted to the downside, although limited by lack of demand for the US Dollar. Support level: 2,310.40 2,291.20 2,276.50 Resistance: 2,326.50 2,340.15 2,356.90 Fundamentally and technically, the coin has an interesting potential, the realization of which could continue with a breakout of $2328.Trade activeTrade active