Technical analysis by Soon-trader about Symbol PAXG: Buy recommendation (7/29/2024)

Recent geopolitical tensions in the Middle East and Eastern Europe have increased demand for gold as a safe-haven asset, supporting gold prices in the short term. Currently, the XAUUSD trend is in a correction phase within a descending price channel. The 34 EMA is crossing below the 89 EMA, indicating that the short-term downtrend is still intact. Gold is moving within a descending price channel, with clear resistance and support levels. Gold prices are likely to continue rising to retest the upper resistance of the descending channel. If the price surpasses this resistance level, a stronger rally can be expected.