Technical analysis by Colin_Analyst about Symbol PAXG: Buy recommendation (7/8/2024)

The U.S. Bureau of Labor Statistics said nonfarm payrolls increased by 206,000 jobs in June, boosted by government hiring. Economists had expected jobs to increase by 190,000 in June and the unemployment rate to remain unchanged at 4.0%. Federal Reserve Chairman Jerome Powell will testify before Congress on Tuesday and Wednesday. The Fed submitted this semi-annual report to Congress before that. Job growth has been slowing, and the unemployment rate has steadily increased from 3.5% in July last year to 4.1% in June this year. Inflation, calculated by the Fed's preferred personal consumption expenditures (PCE) price index, remains around 2.6%. New inflation data CPI will be released on Thursday this week. If price pressures continue to ease, it may prompt Federal Reserve policymakers to open the door to interest rate cuts at least in September. Last week, under the influence of non-agricultural data and geopolitics, it broke through multiple resistance points in the early stage, but it is not a wise choice to buy now. From a technical point of view, the daily cycle broke through the upper rail pressure of Bollinger in the rise last week. Bollinger has opened, and a unilateral trend of the daily cycle may be formed during the week. If it continues to rise, it can be expected to rise to the key points of 2398-2400. Beware of the resistance point of 2410. The unilateral state of the 4H cycle is also quite obvious. Whether it is the Bollinger opening or the unilateral moving average support performance, it is relatively perfect. The lower support is at 2378 and 2368. Among them, if it remains above 2378, gold is in an extremely strong state, and if it remains above 2368, it is an upward trend. I think that when gold reaches 2414, you can choose to sell, SL: 2420, target: 2386-2374 If gold falls, you can buy at 2368-2372, SL: 2365, target: 2380-2386-2398 The above are my trading suggestions for your reference. However, the market changes very quickly. You need to learn to observe and control your positions reasonably according to your funds. This will increase the possibility of making a profit. Even if the transaction fails, you will not lose too much. This is my analysis this morning, I think it is possible to buy at 2368-2372, now let's verify it If you want to get real-time analysis, join me and follow me