Technical analysis by mswhitetrader about Symbol PAXG: Buy recommendation (7/18/2024)

Gold prices rose to $2,450 during the Asian session on Thursday, buoyed by risk-off sentiment and expectations the Fed will cut interest rates in September. Wednesday's pullback was likely due to profit-taking after the Prices hit record highs. Factors driving gold prices include expectations of a Fed rate cut, which according to the FedWatch Tool, the market predicts this will happen in September and continue into December, along with strong physical gold demand from China. India. The political situation also plays an important role, with the assassination of former President Trump and US-China trade tensions helping to lift market sentiment. However, modest USD gains and a slight recovery in US Treasury yields could limit gold's gains. US unemployment benefits data and statements from the Fed will be important factors affecting gold prices, along with policy announcements from the ECB. Note price range: Buy zone: 2442 - 2440 Stop loss: 2436 Buy zone: 2432 - 2430 Stop loss: 2426 Support: 2463 - 2455 - 2450 - 2442 - 2432 Resistance: 2471 - 2481 - 2495 - 2500 - 2515 -2525 Upper border breakout: 2482 Lower border breakout: 2462 - 2452Comment: Gold prices (XAU/USD) edged up to nearly $2,470 an ounce on Thursday, remaining near a record high amid growing optimism that the Federal Reserve (Fed) will cut interest rates in September.Comment: Gold held firm above $2,460 on Thursday after posting a small loss on Wednesday. However, the recovery seen in the US dollar amid risk-off sentiment and resilience in US Treasury yields limited XAU/USD's upside during the US session .