Technical analysis by Juliann_FX about Symbol PAXG: Buy recommendation (5/11/2024)

At the close of trading on May 10th, the spot gold price rose by $15 USD to reach $2,360 USD. At one point during the session, the price reached $2,375 USD. For the entire week, the precious metal saw a 2.5% increase, marking its strongest weekly gain since early April. Gold surged after the May 9th report indicated weakening conditions in the US labor market, reinforcing the possibility of a US interest rate cut. From the technical analysis chart: Gold rose after touching and retesting the EMA 34, with the precious metal regaining bullish momentum after several weeks and establishing a new support level around $2300 USD, firmly defended by bullish buyers. The target of $2500 USD in 2024 continues to be pursued!Comment: How do you think about this? Comment immediately about your ideas!Trade active