Technical analysis by kiyandokhtkarimi about Symbol PAXG: Buy recommendation (8/30/2024)

Global gold prices have consistently been setting higher lows during this period, indicating a strong upward trend despite market fluctuations. Although the price has not yet formed a bearish pattern on the 1-hour timeframe, the bullish movement appears likely to continue. The Mallicast analysis team forecasts that if this upward trend persists, the price of gold could reach a target of $2,547. This forecast takes into account the current market trend and the monetary policies of August, which remain contractionary. Contractionary policies, implemented to control inflation and reduce liquidity in the market, could continue to support the rise in gold prices. Therefore, considering the current market conditions and existing technical analyses, there is a potential for further increases in gold prices in the near future.