Technical analysis by Tdawly_Official about Symbol PAXG: Buy recommendation (7/3/2024)

Chart Analysis: 1.Head and Shoulders Pattern: The chart displays an inverted head and shoulders pattern, which is typically a bullish Reversal pattern. This pattern is characterized by: Left Shoulder: Formed at a low point. Head: A lower point than the shoulders. Right Shoulder: A similar low point to the left shoulder but higher than the head. The breakout from the neckline (blue horizontal line) suggests a potential upward move. 2.Key Levels: Support Levels: Around $2,296.20 (marked as "2nd ENTRY"). Around $2,334.00. Resistance Levels: Around $2,361.39. Around $2,378.40. 3.Fair Value Gaps (FVG): The chart highlights multiple Fair Value Gaps (FVG-4h), which indicate potential areas of liquidity. Price may move to fill these gaps. 4.BOB (Breakout Box): The chart shows a breakout box around $2,361.39, indicating a significant breakout point. This level is crucial as it coincides with a resistance level. 5.Price Action: The price is currently around $2,345.60, showing bullish momentum. The green highlighted area indicates a potential target zone for long positions. Strategy: 1.Entry Points: An aggressive entry could be near the current price level around $2,345.60, given the breakout from the inverted head and shoulders pattern. A more conservative entry could be around $2,334.00, closer to the neckline of the inverted head and shoulders pattern. 2.Targets: First target around $2,361.39 (resistance level). Second target around $2,378.40 (higher resistance level). 3.Stop-Loss: Consider placing a stop-loss below the right shoulder, around $2,334.00. Alternatively, for a more conservative approach, place the stop-loss below $2,296.20. Risk Management: Ensure proper risk-reward ratio (e.g., 1:2 or 1:3). Monitor price action near resistance levels for potential reversals or continuation patterns.