Technical analysis by Sthesh_Don_Billiato about Symbol PAXG: Buy recommendation (7/9/2024)

**Trade Analysis for XAU/USD (Gold Spot/US Dollar)****Timeframe:** 4-hour chart**Overview:** The chart shows a retracement and potential continuation of an upward trend in the XAU/USD pair.1. **Current Price Levels:** - **Current Price:** 2,393.211 - **Ask:** 2,361.100 - **Bid:** 2,360.7202. **Key Levels:** - **Resistance Level:** Around 2,393.211 (recent high) - **Support Levels:** - 0.618 Fibonacci retracement level at 2,355.370 - 0.5 Fibonacci retracement level at 2,343.655 - 0.382 Fibonacci retracement level at 2,331.9413. **Indicators:** - The price has retraced to the 0.618 Fibonacci level at 2,355.370, which often acts as strong support in an uptrend. - The Moving Averages (MA) suggest a bullish crossover, indicating potential further upward momentum.4. **Trade Setup:** - **Entry Point:** Consider entering around the 0.618 Fibonacci retracement level at 2,355.370. - **Stop Loss:** Set a stop loss below the 0.618 Fibonacci level, around 2,343.703, to protect against downside risk. - **Take Profit:** Target the recent high of 2,393.211 and beyond, depending on further price action and confirmation.5. **Risk Management:** - Ensure the position size is appropriate to your account balance and risk tolerance. - Regularly monitor the trade and adjust the stop loss to breakeven once the price moves in your favor.**Conclusion:** The XAU/USD pair is showing signs of bullish continuation after a retracement to the key Fibonacci level. A long position around the 0.618 retracement level with proper risk management could yield favorable results.---Feel free to adjust this analysis based on your specific trading strategy and risk appetite.