Technical analysis by gsukgsk about Symbol PAXG: Buy recommendation (8/19/2024)

Analysis of gold news: On Monday (August 19), spot gold in the U.S. market fluctuated and rose in a narrow range. It is currently trading at $2,502/ounce. The highest price reached $2,509/ounce at the beginning of the session, further refreshing the historical high set last Friday. This is the first time in history that the 2,500 mark has been reached, because as market expectations for the Federal Reserve's September rate cut continue to heat up, the U.S. dollar weakens, and tensions in the Middle East also stimulate demand for gold. Last week, the price of gold rose by 3.13%, the largest single-day increase since the week of April 5. The U.S. dollar index fell 0.62% last Friday to 102.41, the lowest closing price since the beginning of the year, and fell 0.73% on a weekly basis, the fourth consecutive week of decline, making gold attractive to more buyers.Technical analysis of gold: The weekly gold line has once again refreshed the historical 2509.60 line. When the strength comes, there is no highest, only higher, and there is no fear of heights. The gold price broke through the upward trend with a very strong pattern last Friday. There was only a single negative retracement in the evening, and it closed at 2507.70. From the closing position, it is relatively strong. Today, Monday, the opening turned negative and retreated. After the correction, it continued to be mainly low and long.From the daily chart of gold, in the daily K, the stochastic indicator continues to cross, which is a bullish signal; the MACD indicator double lines stick together upward, which is a bullish signal; you can consider following the trend as the main idea; in the 4-hour chart, the high point is refreshed, and in the short term, the risk aversion has no strong continuation, so the short-term trend will be adjusted back; the current support position is the top and bottom conversion support position near 2480; the second support position of the middle axis is near 2470. The support position of the lower track is here at 2440-2433; in the 4-hour chart, you can choose to go long on the callback, and follow the trend as the main idea;Hope it helps youGold should not blindly chase the rise. It has tested highs many times, but has not broken through. In the short term, it will first look to fall back and focus on the 2480-2485 area below.Gold has been fluctuating sideways all day. Don't blindly chase orders at this time. Let's see whether it will fall back in the short term.Last week, I helped my members make more than 120% profit. I only take a portion of the profit. If you are willing to give me a portion of the profit, I can also help you make huge profits.There is no volatility in the market at the moment. If you want to get more trading signals, you can click on my website.In the short term, gold will first pull back to the 2480-2485 area before going long.