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

Hey guys, Yesterday, gold had a wild ride, surging past $2400 and even touching $2425 before settling back down around $2405. This spike came after some major news hit, causing the USD to take a nosedive as it got sold off hard, giving gold the perfect setup for a strong rally. Looking at the 4-hour technical chart, gold is stabilizing within a parallel channel and is adjusting after hitting the upper limit of its recent surge. The rally isn't over yet. Keep an eye out for buying opportunities when the price retests the support zone or the lower boundary of the channel.