Technical analysis by isabelatrader93 about Symbol PAXG: Buy recommendation (8/1/2024)

The gold price struggled, although it has previously formed nearly 2460 USD, currently trading below 2450 USD, almost unchanged today. The buyer continues to show the concern after the peaceful results of the Federal Reserve's policy notices. In addition, the escalating geopolitical tensions in the Middle East between Iran and Israel also strengthen the attractiveness of gold prices as a safe shelter. Accordingly, the technical trend continues to show that the buyer continues to dominate in the long term after the news of FOMC yesterday, completely benefiting from the price increase from the statement that this move will reduce interest rates soonest. In September 2024, and the Breakout from the important resistance area was actively kept by the seller (but failed). It is expected that a new ATH will continue by 2024. Isabela retains strong belief in the trend of increasing in the next few hours. If the 2450 resistance is broken, nothing can prevent gold from rising higher, the target is 2470 - 2475 USD.Comment: Weak gold price below 2445 USD in the European sessionComment: Gold is trading at 2432 USD in the European session