Technical analysis by Optimum369 about Symbol PAXG: Buy recommendation (5/8/2024)

Core Analysis System (SMC)1 Price, 2 pattrens, 3 Volume ,4 Volitality, 5 Momentum, 6 Time, 7 Sentiments🕛 TOPDOWN AnalysisH1 shows a bullish structure with price successfully touching its extreme Point of Interest (POI). Afterward, it provides a bullish confirmation, indicating readiness for a bullish position on the 5-minute timeframe.😇 7 Dimension AnalysisTime Frame: 5 MIN1️⃣ Swing Structure: Bullish with Confirmation (Choch)🟢 Swing Move: Corrective move towards mitigating the 5-min Extreme POI🟢 Inducement: Taken with the first deep pullback for this swing🟢 Strongest Demand: Accumulation on the Discounted Zone supporting the bulls🟢 Traps: False Breakout observed🟢 Time Frame Confluence: H4, H1, and M52️⃣ Pattern🟢 CHART PATTERNS: Triple bottom reversal with a massive shakeout indicating a reversal🟢 CANDLE PATTERNS: To be observed upon price reaching the execution level3️⃣ Volume🟢 Fixed Range: Volume on Fake Out observed to be massive compared to previous🟢 Volume during Correction: No significant volume indicating weaker sellers4️⃣ Momentum RSI🟢 Divergence and Loud Bullish Move: Observed at the start, with the price still in the bullish zone above 40🟢 Oversold Rejections: Indicating bullish sentiment5️⃣ Volatility Bollinger Bands🟢 Volatility Contraction Phase: Suggesting a Squeeze breakout is expected with Walking on the band scenario6️⃣ Strength According to ROC🟢 Gold Stronger than Dollar: For this week7️⃣ SentimentGold expected to undergo a short bigger timeframe correction✔️ Entry Time Frame: M5☑️ FIB Trigger event: Awaited☑️ Trend line breakout: Awaited💡 Decision: Buy🚀 Entry: 2296✋ Stop loss: 2290🎯 Take profit: 2380 (If Internal Structure changes)😊 Risk to Reward Ratio: 14🕛 Expected Duration: 3 Days📚 SUMMARY: The analysis indicates a bullish sentiment with various patterns and indicators suggesting a potential buying opportunity on the 5-minute timeframe. High volume on the Fake Out and absence of volume during correction hint at weaker sellers. Traders are advised to monitor candle patterns upon reaching the execution level and consider a buy position with a favorable risk-to-reward ratio of 14 over an expected duration of 3 days.