Technical analysis by Scalp_Trader68 about Symbol PAXG: Buy recommendation (8/15/2024)

The US dollar started the day with a setback, losing ground against most major rivals as investors bet on an upcoming Fed rate cut. The US posted weaker-than-expected inflation figures, with July CPI up 2.9% year-on-year, down from 3% in June. Core CPI up 3.2%, below previous level , but still in line with expectations.The XAU/USD pair peaked at $2,479.80 following the news but has since retreated under pressure from high-yield assets. The market expects that the Fed will cut interest rates at its September meeting, due to falling inflation and concerns about the impact of high interest rates on economic growth.Note the price range:Buy zone: 2426 - 2424Stop loss: 2420Take profit 1: 2435Take profit 2: 2445Sell ​​zones: 2469 - 2471Stop loss: 2475Take profit 1: 2460Take profit 2: 2450