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

Dear traders! Overall, gold prices (XAU/USD) have stabilized significantly higher than yesterday above the $2,365 support level, underscoring a 0.45% gain on the day, currently trading around $2,381/ounce . But at the same time, the H1 Chart shows that the price will move around clear resistance and support levels. Gold's growth factor is completely supported after Fed Chairman Jerome Powell's statement about the possibility of stronger interest rate cuts. Interest rate cuts increase gold's appeal as a safe-haven asset. Therefore, gold is likely to sideways around the $2,360 to $2,388 area to accumulate before growing. With buying and selling pressure around this area to complete the Elliott wave. After completing the fourth wave, the gold price is expected to grow according to the fifth wave with a target of at least 2,400 USD. Therefore, investors can open a Long (buy) position when the price surpasses $2,388 and target at least $2,400.Trade activeComment: 2406