Technical analysis by adamszhoe about Symbol PAXG: Buy recommendation (8/26/2024)

According to the provided chart on the 1H , we can now clearly see gold is forming some sort of an ascending channel and has broke its previous high resistance zone at 2480-2484.75. It has found support once on the previous resistance turning it likely to be our next support level. The price has now also move above the structure gray zone (2502-2509) ,giving more likely some bullish pressure if price moves away from this zone . Buying orders can be placed once price respected the gray zone 2509 and stayed above with bullish momentum placing our TP1 at the most recent high 2530 and TP2 at 2560 with SL below the gray zone at 2500.