Technical analysis by BearKingdomTrading about Symbol PAXG: Buy recommendation (7/24/2024)

👑 Ideas For XAUUSD / GOLD 🕓 Time Frame: 1hr 🔼 Status: Cautiously Bullish 📆 25/07/2024 Overview : Gold has reacted perfectly to the 2390-2400 area, forming a false breakdown followed by growth to 2420. However, the current extremely low volatility is concerning, suggesting a potential major move could be imminent. Key Observations: False Breakdown: Gold formed a false breakdown in the 2390-2400 area before rising to 2420. Low Volatility: The current market exhibits very low volatility, often a precursor to a significant move. Bullish on D1: The daily timeframe (D1) remains bullish for gold. Dollar Index: The dollar index is showing signs of potential decline in the medium term. Economic Data to Watch: S&P PMI: Scheduled for 13:45 GMT. New Home Sales: Scheduled for 14:00 GMT. These data releases could provide the necessary momentum to revitalize the market, depending on the actual numbers. Technical Analysis: Resistance Levels: 2420, 2430, 2450 Support Levels: 2405, 2400, 2392 Potential Scenarios: Bullish Continuation: If the bulls hold above 2400-2405, we could see a continuation of the upward trend towards 2430-2450. Retest of Liquidity Area: A possible retest of the liquidity area before a subsequent bull run. Bearish Impulse: Although there are no current preconditions, a break in structure could result in a strong downward impulse to 2370. Conclusion : Gold's price is gradually updating the highs and forming clear support zones. While the potential for a bullish continuation exists if the bulls defend the 2400-2405 area, traders should be cautious of the low volatility, which could lead to a significant movement in either direction.