Technical analysis by KaKawazyy about Symbol PAXG: Buy recommendation (5/16/2024)

Hello everyone, let's take a look at today's gold prices. Summary of the trading session on May 15: Gold increased by 27 USD, reaching 2,385 USD. During the session, gold prices hit a peak of 2,390 USD, the highest level in nearly a month. Reason: The USD index dropped by 0.6% yesterday, hitting its lowest point in over a month. This decline in the USD made gold more attractive to buyers, providing a strong basis for gold's robust recovery. Chart Analysis: Gold continues to strengthen its record-breaking rally above the EMA 34 and 89 lines, indicating positive signs for long-term buyers. Additionally, gold is forming a cup and handle pattern, suggesting that after a period of adjustment, the long-term target above 2,500 USD will continue to be pursued by the Bulls!