Technical analysis by Scalp_Trader68 about Symbol PAXG: Buy recommendation (8/14/2024)

Gold is in “overbought” territory with limited upside potential, according to TD Securities. This view is shared by IG Index and Redward Associates, warning of extreme positions in the gold futures market. Although tensions with Iran have supported gold prices, investor overcommitment means gold is reacting to weak jobs data from the US. The United States in early August remained dull. Asian central banks have been stockpiling gold since the beginning of the year to counter the rise of the US dollar and the decline in the value of regional currencies, due to higher-than-expected US inflation data. Note the price range: Buy zone: 2450 - 2448 Stop loss: 2444 Take profit 1: 2460 pounds Profit 2: 2470 Sell zone: 2500 - 2502 Stop loss: 2506 Take profit 1: 2490 Take profit 2: 2480