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

Dear traders! Overall, over the past few months, the GOLD trend has been accumulating sideways with an unclear structure, but if we look at the big picture, it can be assumed that the triangle pattern has been completed from the early stages. April 2024 to present with internal ABCDE structure almost complete. Therefore, the possibility of Gold's upcoming developments will be easier to recognize. The global context is waiting for US CPI data. If this number continues to decrease and is lower than 3%, expectations that the US will cut interest rates in September will increase so we need to pay attention. The $2,350 support zone could be the starting point for a new wave cycle. The most important breakout point today is 2392. If GOLD breaks through this point, the uptrend will most likely return. In the immediate future, we need to wait for confirmation of consolidation above the new support level which is the resistance level along with great support from the EMA lines 34 and 89. It is worth noting that the resistance area has been broken before that, the price increase factor will also receive more support. So the CPI data announced this Friday will be a key factor in the near future.Trade activeTrade active