Technical analysis by faruk40 about Symbol PAXG: Buy recommendation (7/5/2024)

Gold prices have recently seen a successful breakout above the critical level of $2340, setting a new target at $2430. Traders are now closely monitoring the market, anticipating a potential retest of the previous support level at $2340. This retest is seen as an opportunity to take a long position with lower risk, leveraging the support level as a buffer against downside movement. By entering at this retested support, traders aim to maximize their profit potential while minimizing risk exposure.