Technical analysis by Scalp_Trader68 about Symbol PAXG: Buy recommendation (8/9/2024)

Gold prices (XAU/USD) were slightly lower during the European session on Friday, retreating near $2,430 but remaining above the key support level at $2,400. The short-term outlook for gold remains positive as the market expects the Federal Reserve to start cutting interest rates in September, however, investors are still debating whether the Fed will cut by 50 or 25 basis points, with 54.5% expecting a 50-basis point cut. Meanwhile, the US dollar and bond yields fell after the unemployment claims data came in lower than expected. The US Dollar Index (DXY) was down near 103.15, while the 10-year Treasury yield fell to around 3.97%. Despite the drop in unemployment numbers, it was not enough to change expectations for an early rate cut. Range Determination: Buy Zone: 2408 - 2406 Stop Loss: 2402 Take Profit 1: 2416 Take Profit 2: 2430 Sell Zone: 2452 - 2454 Stop Loss: 2458 Take Profit 1: 2440 Take Profit 2: 2430