Technical analysis by Pampam-m about Symbol PAXG: Buy recommendation (8/5/2024)

The latest US job report shows strong job growth, leading to increased interest rate pressure from the Federal Reserve (Fed). This usually causes gold to drop as the USD strengthens. Currently, XAUUSD is in an uptrend, strongly supported by the ascending trendline. The EMA 34 and EMA 89 lines are both below the current price, indicating the uptrend is still ongoing. XAUUSD may see a slight correction after hitting the current resistance zone. However, with strong buying momentum from investors, gold prices could break through the resistance zone and continue the uptrend to higher levels in the near future.