Technical analysis by Henry_pro about Symbol PAXG: Buy recommendation (7/12/2024)

CPI data and events in Europe, along with tensions between the US and China, can affect investor sentiment, boosting demand for safe-haven assets like gold. Currently, the price is between the 34-day EMA and the 89-day EMA, indicating that selling pressure remains but is gradually decreasing. Gold is trading within a descending channel with upper and lower bounds at $2,400 and $2,300, respectively. The main resistance area is $2,400, where a significant number of sell orders might be executed. If the price breaks above the $2,400 resistance level and sustains above it, the uptrend may continue. Otherwise, if the price fails to surpass this area, it may reverse and fall back to the trendline for a retest before rising again.Trade active