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

Gold Price Analysis Key Observations: Cup and Handle Pattern: The chart displays a cup and handle pattern, a bullish formation suggesting potential upward movement. A breakout above the 2,427.425 USD resistance level confirms the pattern. Current Price: Gold is trading at 2,409.195 USD, slightly below the resistance level. Support Zone: Significant support is observed around 2,359.209 USD. This level can act as a strong base if the price retraces. Potential Scenarios: Bullish Scenario: If gold breaks and sustains above 2,427.425 USD, it could rise towards 2,500 USD or higher. Bearish Scenario: Conclusion: Traders should watch the 2,427.425 USD resistance and 2,359.209 USD support levels closely to determine the next significant move for gold.Trade activeComment: