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

Hello dear traders! Overall, XAUUSD experienced impressive volatility yesterday with gains surpassing the $2350 level and reaching $2360. However, not long ago the price approached $2,380 after which it encountered selling pressure and corrected. But! At the same time a round bottom pattern that looks similar to a cup and handle pattern is gradually forming, which usually determines our buying outlook. As I mentioned before, the safe demand zone for investors is still 2,400 USD and then possibly the 2,500 USD zone in the future. We can now expect a test of the $2350 breakout zone with the aim of gathering liquidity at the expense of sellers and a continuation in the new uptrend. Fundamentally: The US Fed's hawkish talks on interest rates and a stronger US dollar (USD) could pressure gold prices. Gold traders will be watching for the first report of the US Michigan Consumer Sentiment Index for May, along with speeches from the Fed's Bowman, Goolsbee and Barr. Next week, the US Consumer Price Index (CPI) report will be in the spotlight.Trade activeTrade activeComment: