Technical analysis by IAm_Ryder about Symbol PAXG: Buy recommendation (6/13/2024)

Dear traders! Gold prices edged higher in today's trading session, after a weak US inflation report caused the US Dollar Index and US Treasury bond yields to fall. Besides, gold prices are having new buying momentum due to consumer prices cooling down more than expected in May, according to some economic experts, this could create an opportunity for the US Federal Reserve (FED). ) interest rate reduction this year. In the short term, gold may still be under technical pressure from the exponential moving average EMA 34.89, but gold basically still receives good support. I expect to still receive good buying pressure above the support threshold of 2300 USD. It is expected that if the upward momentum continues, the next target to watch is 2,360 USD.Trade activeTrade active