Technical analysis by Korby-by about Symbol PAXG: Buy recommendation (8/14/2024)

XAUUSD is in a short-term uptrend, with higher highs and higher lows being formed consistently.The RSI is currently at 60.74, indicating that the bullish momentum remains but is not particularly strong.The 34 EMA and 89 EMA are both sloping upward, supporting the short-term uptrend.If the price fails to break through the 2,480 USD resistance level, it is likely to reverse and decline towards the 2,420 USD support zone.At this support level, if a reversal signal appears, the price could bounce back, creating a buying opportunity with the target of returning to the resistance area above.