Technical analysis by ShikoFX about Symbol PAXG: Buy recommendation (6/4/2024)

Consider going long on XAUUSD (Gold Spot vs. US Dollar) due to the following factors:1. Supply Zone: The marked supply zone suggests previous selling interest. If revisited, it could lead to increased demand.2. Break of Structure (BOS): The BOS lines indicate where support levels were broken. This shift in sentiment may favor long positions.3. Take Profit (TP): Set an optimal exit point near the TP line, anticipating resistance.Risk Management for XAUUSD Long Position:1. Stop-Loss (SL): Set a stop-loss order below the entry point. This limits potential losses if the trade goes against you.2. Position Size: Determine the appropriate position size based on your account balance and risk tolerance. Avoid risking more than a certain percentage (e.g., 1-2%) of your capital on this trade.3. Take-Profit (TP): Define a take-profit level based on technical analysis or profit targets. Lock in profits when the price reaches this level.4. **Trailing Stop**: Consider using a trailing stop to protect profits as the trade moves in your favor.5. Risk-Reward Ratio: Aim for a favorable risk-reward ratio (e.g., 1:2 or better). Ensure potential reward justifies the risk taken.Attention followers: Please be aware that any losses incurred due to my signals are not my responsibility. I issued a warning, and it is your decision to act on those signals. Trade responsibly!Remember, risk management is crucial for successful trading. 🛡️📉"