Technical analysis by UNRPP about Symbol PAXG: Buy recommendation (8/18/2024)

Last week gold completed its 4th wave expanded triangle which E wave forming a complex "abcde" as depicted in the picture. This is valid according to wave theory that E wave of triangle or Y wave of complex correction could extend into another set of "abcde" pattern, each leg containing 3 waves. Price move to new all time high confirms the completion of expanded triangle and now it should move t 2800 where it is 1.618 fib from previous 2011 high. As I said before in previous idea, as long as price is above 1.382 fib around 242x, it should find its way to 1.618 fib. Invalidation point: 2450 1st Target: 2530-2550 2nd Target: 2650-2670 Last Target: 2790-2810 See also my previous idea below.Now the SL have been moved to 2497