Technical analysis by Fxgoldtraders about Symbol PAXG: Buy recommendation (5/13/2024)

Gold extends the rally near $2,360 amid geopolitical risks Gold price (XAU/USD) gains momentum on Friday despite the modest rebound in US Dollar (USD). The yellow metal edges higher as many economists expect a weakening labor market could prompt the Federal Reserve (Fed) to cut interest rates sooner than currently expected to stimulate economic growth. Furthermore, the renewed geopolitical concerns are likely to be a positive factor for gold’s value on the market. If gold bulls step in at the $2,400 psychological mark, then yellow metal could see a rally to an all-time high near $2,432, en route to the $2,500 figure. On the flip side, the first downside target will emerge at the resistance-turned-support level at $2,340. Extended losses for gold price expose XAU/USD to a potential support level at the $2,300 round mark, followed by a low of May 2 at $2,281. Plan trading on Today 13/5 👨‍💻 XAUUSD BUY zone 2334 - 2332 🔹SL 2329 🔹TP 2340 - 2350 - 2360