Technical analysis by Packer-SignaL about Symbol PAXG: Buy recommendation (5/16/2024)

Hello dear traders! Cooling US inflation pushed gold prices up nearly 30 USD an ounce, and helped Wall Street set a new record. Closing the trading session on May 15, each ounce of world gold for immediate delivery increased by 27 USD to 2,385 USD. During the session, gold price at one point touched 2,390 USD - the highest in nearly a month. Regarding impact news: The market went up due to the weakening USD and falling US government bond yields, after the country announced that April inflation increased more slowly than forecast. This data has strengthened the possibility of the US Federal Reserve (Fed) reducing interest rates. Regarding the new outlook for XAUUSD: From a technical perspective, the gold price also has an upward trend and is forming a consolidation cup below the resistance level of 2400 USD. Currently, buyers are probably still resting a bit after touching the 1.618 Fibonacci level before the breakout. Personally, I feel that as long as the 0.786 Fibonacci level holds, the ability to surpass the $2,400 barrier is only a matter of time. . It is expected that this price increase will reach 2,503 USD.