Technical analysis by isabelatrader93 about Symbol PAXG: Buy recommendation (7/31/2024)

Gold price (Xau/USD) increased sharply in the European session on Wednesday, when investors focused on the monetary policy results of the Federal Reserve (Fed) at the end of the day. Accordingly, the technical trend continues to show that the buyer continues to dominate the long term clearly shown in a channel formed on the daily time frame that is increasing slightly, shown by the gradual increase in DOW. . In addition, the exponent dynamic line (EMA) is nearly 2400 USD, continuing to provide support for gold price speculators. Isabela retains strong belief in the trend of increasing in the next few hours after the consolidation period around the 2430-2400 USD. If, the current resistance level is broken, nothing can prevent gold rise higher, the target is 2450 USD.