Technical analysis by Soon-trader about Symbol PAXG: Buy recommendation (7/26/2024)

XAUUSD is in a slight uptrend after a recovery from a key support zone. Currently, XAUUSD is trading below the EMA 34 (black) and EMA 89 (orange), indicating that the long-term downtrend persists, but there is a short-term recovery. The RSI is currently at 39.04, suggesting the market is in an oversold zone, which may create short-term buying pressure. The future trend of XAUUSD may continue to rise if the price can break through the current resistance at $2430 and maintain above the EMA lines.