Technical analysis by Tdawly_Official about Symbol PAXG: Buy recommendation (6/28/2024)

Trend Analysis Downward Trend Line: There is a red downward trend line indicating that gold has been in a downtrend. This line acts as a resistance level. Support Zone: There is a green support zone around the $2,318.00 level. This indicates that there is buying interest around this price, and it has historically acted as a support level. Resistance Levels First Resistance: Around $2,325.66. Second Resistance: Around $2,332.00. These resistance levels indicate where selling pressure has previously been strong enough to halt upward price movement. Fair Value Gap (FVG) A Fair Value Gap is highlighted in a beige rectangle from approximately $2,340.00 to $2,354.60. This gap suggests an area where the price might move quickly if it enters this zone, potentially due to a lack of liquidity or previous rapid price movement. Price Action Current Price: As of the latest data on the chart, gold is trading at $2,319.26. Recent Movement: The price recently bounced off the support zone but faced resistance near $2,332.00, aligning with the downward trend line. Potential Scenarios Bullish Scenario: If the price can break above the resistance at $2,325.66 and subsequently the downward trend line, it may target the next resistance level at $2,332.00. A break above this level could lead to a move towards the Fair Value Gap, potentially reaching the upper boundary around $2,354.60. Bearish Scenario: If the price fails to hold the support level at $2,318.00, it might move lower, with the next significant support level potentially being around $2,312.00. Further bearish movement could target levels below $2,310.00. Key Levels to Watch Support: $2,318.00, $2,312.00. Resistance: $2,325.66, $2,332.00, $2,354.60 (FVG zone).Comment:Comment: did you see this ??