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

Hello wonderful friends, let's explore the gold price after yesterday's big fluctuation! Regarding the developments and results of the news on July 12: Gold price (XAUUSD) soared to a 6-week high and returned to above 2,400 USD/ounce when the US consumer price index in June was announced to be 0.1% lower than forecast, thereby continuing to strengthen Increasing the possibility of US federal policy The Federal Reserve (Fed) will soon cut interest rates in September. Conclusion about gold and trends: Thereby, gold's movements are positive after Mr. Jerome Powell's statement gave an optimistic signal about cutting interest rates sooner than expected and this is supporting gold prices. Additionally, any unexpected rise in CPI would challenge the Fed's anti-inflation efforts and prolong the delay in easing monetary policy. The gold buying strategy continues as long as the significantly strong support at $2050 is maintained, the bullish wedge that was also confirmed earlier also points to a consolidation ahead of gold price growth at $2050. If this level holds, the uptrend will continue. In case buyers do not actively maintain this level, the price of gold will decrease significantly. With the current picture, can we expect a gold price race to new heights? And you, do you expect a wave of gold price increases? Share your thoughts on where gold goes next in this exciting market!Trade activeComment: Now that gold breaks support 1, we can watch for support 2 as a target