Technical analysis by Aeliatrader90 about Symbol PAXG: Buy recommendation (8/3/2024)

Gold prices continued their upward trend today, maintaining and holding a solid position above $2,400, closing around $2,442. Accordingly, After approaching a new record high near $2,480 in an immediate reaction to disappointing US labor market data on Friday, Gold reversed course and fell below $2,420. However, gold prices quickly regained momentum, stabilizing after retesting the 34 EMA. Previously, gold had gained nearly 2% thanks to strong support from increased safe-haven demand due to concerns about tensions in the Middle East and expectations that the US Central Bank will soon pivot monetary policy. If gold continues to receive support from lower yields, safe-haven demand and rising interest rate cut expectations as data points to a weakening global economy and a falling US Dollar Index will continue to push the precious metal towards new historical highs next week.Trade activeTrade active