Technical analysis by mswhitetrader about Symbol PAXG: Buy recommendation (7/24/2024)

The US dollar maintained its recovery momentum early Wednesday, as risk-off sentiment still dominated the market. Asian shares came under pressure after US tech earnings reports, with major companies such as Alphabet and Tesla disappointing. Alphabet is successful in terms of revenue and profits, but it takes time to see results from its investments in artificial intelligence. Tesla dropped 7% as profits did not meet expectations and postponed the Robotaxi event to October. Concerns about China's economic slowdown also supported safe-haven demand for the greenback. On Tuesday, the US dollar rebounded significantly on market jitters ahead of important earnings reports from US companies and a sharp rise in Treasury yields. Investors take profits on USD short positions ahead of Wednesday's preliminary Global Manufacturing and Services PMI data. Weak PMI data could spark recession fears, creating fresh demand for the US dollar. Gold prices could benefit from this scenario if concerns about the US economy reinforce dovish Fed expectations. The market is currently pricing the possibility of the Fed cutting interest rates in September at a 97% probability. All eyes are on the US Q2 GDP report on Thursday and June PCE inflation data on Friday to monitor gold price movements. Note the price range: Sell ​​zones: 2424 - 2426 Stop loss: 2430 Take profit 1: 2415 Take profit 2: 2405 Sell ​​zones: 2440 - 2442 Stop loss: 2446 Take profit 1: 2430 Take profit 2: 2420