Technical analysis by Golden_Spur about Symbol PAXG: Buy recommendation (6/30/2024)

On 1D scale, Pole & Flag pattern has been drawn. Within Flag, Elliot wave has been drawn which is in fifth leg which may touch 2285. Also keep in mind that 5th leg is usually the weakest (shortest) and 3rd is always strongest, therefore, since 5th leg has already tested 2293 level, it may not come down any further and breakout upwards. For swing traders, 2800 is likely target for 3 months trade.Therefore, take trade on breakout of flag at around 245 or if you want to be doubly sure then at crossing of previous LH at 2368. Keep S/L at previous LL. TP can be set as per 1:2 or 1:3 RRR even.As expected, Gold price chart is retracing from the resistance zone 2361~2367. It may fall till support level 2336~2338. Therefore, Day traders may enter on SHORT position right now. However, for Swing traders, I still recommend taking LONG trade after it crosses 2368.