Technical analysis by KironKavanagh about Symbol PAXG: Buy recommendation (8/11/2024)

Chart 1: XAUUSD H1 (1-Hour Timeframe) •Wave Structure: The chart shows a correction after the completion of Wave (i), followed by a corrective Wave (ii), which is a typical Elliott Wave pattern. •Entry Point: The price appears to be in the early stages of Wave iii, suggesting that entering a long position at the current level could be beneficial. •TP: The target for Wave iii can be set near the 2650 level, corresponding with the resistance level. •SL: A stop loss should be placed below the low of Wave ii, around 2364, to protect against a potential downturn. Chart 2: XAUUSD H4 (4-Hour Timeframe) •Wave Structure: The 4-hour chart shows the completion of Wave (ii) and the beginning of Wave iii of a larger degree. This suggests further upside potential in the medium term. •Entry Point: Consider entering a long position on a pullback to the 2400-2420 area, which aligns with previous support/resistance levels. •TP: The target for this trade could be set around 2560 to 2650, aligning with the upper resistance levels marked in the chart. •SL: A stop loss should be set below the low of the recent corrective structure, around 2364. Chart 3: XAUUSD Daily Timeframe •Wave Structure: The daily chart suggests the market is in a Wave 3 of a larger degree, which typically is the strongest wave in Elliott Wave theory. This indicates a potential continuation of the upward trend. •Entry Point: The daily chart also supports a long position on pullbacks, with entry around 2400-2420 as the price consolidates and gains momentum. •TP: The long-term target could be the 2650 level or even higher at 2750, aligning with the resistance and projected wave targets. •SL: A more conservative stop loss can be placed below the 2364 level, which represents a key support area and below the Wave ii low. Summary of Trade Ideas: 1.H1 Chart: Long position with entry around the current price, TP at 2650, SL at 2364. 2.H4 Chart: Long position on a pullback to 2400-2420, TP at 2560-2650, SL at 2364. 3.Daily Chart: Long position on pullbacks to 2400-2420, TP at 2650-2750, SL at 2364.