Technical analysis by Pampam-m about Symbol PAXG: Buy recommendation (8/1/2024)

News about the next moves of the US Federal Reserve (Fed) is causing significant volatility in the gold market. On the 4-hour XAUUSD chart, we can see that gold prices are in a clear upward trend. The EMA 34 and EMA 89 lines are supporting the upward trend as the price stays above both lines. EMA 34 is acting as dynamic support for the short-term trend. The RSI 14 indicator shows a level of 67.54, indicating that the price is in the overbought zone but has not yet reached the absolute overbought threshold (70). It is predicted that the price will undergo a correction to the support level in preparation for the next upward move, specifically rising to the resistance area of 2,480.Trade activeTrade active