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

Hello dear traders! Currently, gold price (Xau/USD) is trading at 2,348 USD, equivalent to 12 USD compared to the beginning of the session. The main reason is comments from the Federal Reserve (Fed) and increasing speculation that the Fed may delay its easing plan, which has pushed up the greenback and pulled down gold prices. With lower USD. However, signs of economic weakness and geopolitical tensions in the Middle East could support the precious metal in the near term. The first upside barrier for Xau/USD will appear near the May 10 high, $2,378, en route to the psychological level of $2,400. A decisive breakout above this level could pave the way for a rally to the next major resistance near the highs near $2,432 and then $2,500. Technically: There is a bullish flag pattern slowly forming on the 4-hour chart. Theoretically the price should break the resistance above the channel and further materialize the distribution phase. By maintaining at this high level, it is likely that the price will retest the trend line and retest the EMA 34.89 levels to accumulate before growing further.Trade activeComment: