Technical analysis by RalphBenjaminTrading about Symbol PAXG: Buy recommendation (5/10/2024)

Hello dear traders! Overall, gold experienced significant volatility yesterday with price gains surpassing $2,328 in a wedge pattern continuing the technical uptrend. It is currently trading at a new high of $2,353, marking a 0.2% gain on the day. So what are the reasons and factors driving gold? Speaking of impact factors, we must mention: Gold prices fluctuated mixed in the afternoon session on Thursday (May 9) while traders waited for US economic data to get more clues about the future. interest rate roadmap of the US Federal Reserve (Fed). “Markets in general are very quiet today and not only are we on holiday in most of Europe but economic reports are also quite light this week and that is reflected in gold prices not moving much.” It is expected that in the near future, gold's long-term uptrend will continue. CPI figures from the US next week could boost gold. If the market sees more evidence of a softening economic picture in the US, that would be helpful for gold. It is expected that this price increase will reach the 2500 USD mark.Trade activeComment: XAU/USD accelerated its recovery on Friday, as investors drop the USD. Dismal US employment-related figures revived hopes for a soon-to-come rate cut from the Fed.Comment: 2372Trade activeComment:Comment: Gold is still gathering liquidityComment: