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

Gold Weekly: Daily Candle is Healthy Bullish Engulfing with no Upper wick showing the buyers are in driving seat.4 Hours candles are like 3 white soldiers. Candle formation are totally bullish.The structure that made the breakout is inverted H&S on 4H TF. The price is above the ichimuku bullish cloud in Daily , also bullish in 4H. MACD is also green. Price is above key moving averages in Daily and 4 H TF. On fundamentals side, last NFP showed mix data, In addition rate cut expectation is nearing by. Important thing to note that there in no major announcement on Monday- Wednesday next week. On Thursday there is release of CPI. So by then I think Gold will test 2400-2430-2450. That will be the weekly Target. On down side any dip towards 2370-2365 ( FIB 50-61.80 % retracement 1D) or 2352 will be a good level to enter fresh Buy with abovementioned Target. Good Luck for next Week. I Would like to hear your comments on the idea