Technical analysis by GoldvieWw about Symbol PAXG: Buy recommendation (7/11/2024)

Gold price is trading around 2362 USD. Technically there is a pullback from the previous high, now retesting the nice bullish channel support area forming on D1. If the price holds the support zone around 2,350 USD/ounce, there is a high possibility that the price will continue to rise to the resistance level of 2,400 USD/ounce and possibly higher. The deceleration and consolidation ahead of this level shows bullish interest in further growth. According to this view, the prospect of gold will rise higher in the near future based on market expectations of interest rate cuts by the US Federal Reserve (Fed). The CME Fedwatch tool shows interest rates will fall in September and could fall further in November and December, which would benefit gold. This week, the market focused its attention on Fed Chairman Jerome Powell's congressional testimony, comments from several Fed officials and US inflation data. According to senior analyst Matt Simpson City Index, a weak inflation report coupled with Mr. Powell's dovish tone will be the ideal catalyst for gold to reach new highs. Short-term levels to consider: Resistance levels 2400, 2422 Critical support level: 2350 In summary, the short-term outlook for gold is positive, based on solid technical factors such as the long-term uptrend, supported by the EMA and the rising price channel. If gold prices hold above the support level of 2,350 USD/ounce, there is a high possibility that the price will continue to rise and head towards the resistance level of 2,400 USD/ounce and higher. However, investors should note that the gold market is still greatly influenced by macroeconomic factors and geopolitical events that could reverse current moves.Trade activeComment: Gold remains stable above the mentioned support zoneTrade closed: target reached