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

Gold price is in an uptrend with strong support from the trendline and the EMA 34 and EMA 89 indicators. At the time of writing, the price is trading at 2,367 USD, approaching the resistance area. at 2,390 USD (zone 1). Gold price fluctuations still depend on market expectations about when the Fed will cut interest rates. Recent data shows that the US economy is showing signs of weakness, reinforcing the US Central Bank's ability to cut interest rates. Against this backdrop, gold has more room for further growth. Now all attention is focused on the current main Resistance Zones 1 (2,390 USD) and 2 (2,420 USD). If the gold price overcomes resistance zone 1, the next target will be resistance zone 2. In case the gold price cannot overcome resistance zone 1 and turns down, it is necessary to monitor closely to identify the nearest support points, especially the current uptrend line. Best regards GoldvieWw!Trade active: Gold remains above key supportComment: Goal 1 has been established. close 1/2 guys.Trade closed: target reached