Technical analysis by BearKingdomTrading about Symbol PAXG: Buy recommendation (7/30/2024)

🪙 #XAUUSD (GOLD / U.S. Dollar) 🕓 Time Frame : 1H 🔼 Status : Bullish 🌐 Important 📆 30/07/2024 Current Market Situation: Gold has been strengthening since the session opened and is currently testing the 2400 zone. The market sentiment is turning bullish again, although it is approaching a strong resistance level at 2400. The key focus is on the 2393.0 level. Market Dynamics: No Significant News: Today, there is no major news affecting the market, and the overall situation remains stable. US Deflation: Markets are awaiting confirmation of US deflation progression, which could hint at the soon reduction of interest rates. This scenario is generally favorable for gold. Technical Outlook: Key Level: The focus is on the 2393 edge of the range. If the price consolidates above this area, it could influence further growth. Descending Resistance: It is important to monitor the descending resistance as it may be difficult to break this area on the first attempt. Resistance Levels: 2400 2430 Support Levels: 2393 2384 2377 Conclusion: The technical and fundamental outlook for gold is quite positive. We should expect a retest of resistance with potential subsequent growth. However, before entering an active recovery phase, there might be a retest of support levels such as 2387, 2382, or 2377.