Technical analysis by Tdawly_Official about Symbol PAXG: Buy recommendation (6/26/2024)

Chart Overview Timeframe: 4 hours Price Levels: The key price levels are marked on the right side of the chart, including support and resistance levels. Trends: The chart shows two prominent trends: A falling trend (marked with red trend lines). An upper trend (marked with a yellow trend line). Falling Trend: The red trend lines indicate a downward price movement. This trend has been in place for some time, indicating bearish sentiment in the market. Support and Resistance: Support (OB): There is a support zone marked as "OB" (Order Block) at the lower end of the chart, around 2,291.00 USD. This is where the price is currently hovering. Resistance: Several resistance levels are marked, with notable ones at 2,316.00 USD, 2,335.00 USD, 2,354.00 USD, and 2,376.00 USD. Price Action: The price recently touched the lower support zone and has started to move upward. There's a potential reversal or breakout indicated by the interaction with the yellow upper trend line. Fair Value Gap (FVG): There is a Fair Value Gap (FVG) indicated on the chart. This area may act as a zone where the price could face resistance or consolidation before deciding on a further direction. Potential Scenarios Bullish Scenario: If the price breaks above the yellow upper trend line and sustains above the 2,354.00 USD resistance level, it could signal a bullish reversal. The next target could be the 2,376.00 USD level. Bearish Scenario: If the price fails to break the upper trend line and falls below the current support level (2,286.00 USD), it could continue the bearish trend. A significant drop could be expected if it breaks the support zone. Trade Setup Entry: A possible long position could be considered if the price breaks above the yellow trend line and holds above 2,316.00 USD. Stop-Loss: The stop-loss could be set just below the recent low at 2,286.00 USD. Target: Initial target could be set at 2,354.00 USD, followed by 2,376.00 USD if the bullish momentum continues.