Technical analysis by bfk34 about Symbol PAXG: Buy recommendation (7/6/2024)

XAUUSD, which appears in a triangle formation on the daily chart, provides supportive pricing for upward movements. We see that the upward momentum is high in technical terms, and this is confirmed by closings outside the triangle formation. In trading strategies that believe the direction is up, support and resistance levels are followed and take profit/stop loss levels are adhered to. While the levels we will target above are 2416 - 2428, the answer to whether we will see new peaks will be pricing above 2450. The levels we will follow in order to be prepared for possible withdrawals or to target buying are 2384 - 2387 and 2349.