Technical analysis by Esmeralda_Gold about Symbol PAXG: Buy recommendation (9/5/2024)

Hello everyone, as of this writing, gold has returned to the psychological level of $2500, showing a slight upward movement with a recovery of over $7 for the day.Despite the volatility, gold has remained above its nearly two-week low, reached on Wednesday, amid increasing bets on a larger rate cut by the Federal Reserve in September. This sentiment was bolstered by the latest U.S. labor market report. Additionally, market caution, driven by concerns over the health of the U.S. economy, has further supported the safe-haven appeal of gold.From a technical perspective, the downward channel has been broken, and the price has rebounded after successfully accumulating, forming new support at $2495. The nearest hurdle and short-term target now is to surpass the $2507 resistance. If gold can close above this level, we could soon see it reaching $2519–2520.