Technical analysis by Pampam-m about Symbol PAXG: Buy recommendation (8/3/2024)

Recent U.S. economic data shows slower economic growth and high inflation. These factors support gold prices amid concerns of an economic recession. Gold prices are currently in a correction phase after a strong rally since the end of July. Strong support lies around $2,425/ounce (EMA 89) with the nearest resistance at $2,475/ounce. Currently, the MACD indicator shows a bearish signal with the MACD line crossing below the signal line, indicating potential short-term price decline. If this support level holds, gold prices have the opportunity to rebound towards the resistance level of $2,475/ounce.Trade activeTrade active: Gold prices were on track to fall below $2,450 early Monday in early Asian trading. Gold prices could not take advantage of rising expectations of a 50 basis point rate cut by the Fed in September and risk-off sentiment amid escalating geopolitical tensions in the Middle East.