Technical analysis by Soon-trader about Symbol PAXG: Buy recommendation (7/30/2024)

Key economic data from the US, such as unemployment rates and GDP, are about to be released. This information will directly affect the USD and consequently the price of gold. On the 1-hour chart, XAUUSD is moving in a short-term downtrend. The current price is below the 20, 34, and 89 EMA lines, indicating that the downtrend remains dominant. The MACD indicator is showing a bearish signal with the MACD line below the signal line, indicating strong selling pressure. XAUUSD is likely to continue its decline towards strong support levels and then see a slight recovery in the short term.