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

Hello everyone. Gold (XauUSD) is trading on a rising trend platform, up to the threshold of 2,420 USD/ounce in the context of the USD turning down quite quickly after the US announced quite disappointing work data, as well as a pulse. Suddenly in the Middle East .... Earlier, the market reflected 100% of the Fed will cut interest rates for the first time in September. Now, this rate is still the same. The important thing that investors closely monitor is the Fed's viewpoint on the rate of interest cuts in the remaining period of the year. The Fed will cut 1 or twice and each time will cut how much, 25 percentage points or 50 points. With worse economic signals, it is likely that the Fed will have to take into account the plan to accelerate interest rates, which generally increases the interest of gold. Accordingly, today is also a busy news day. It is worth noting that it is necessary to monitor and evaluate the actual results. Resistance level: 2438, 2450 Support level: 2430, 2421 After breaking down the resistance level, a form of adjustment is being formed. Gold is currently increasing the price (trends, psychology and interest), so the nearest strong support threshold can become a reversal area to further strengthen. Potential goals are 2450 - 2470. Share your discussion here, Isabela will answer them