Technical analysis by therabbittrades about Symbol PAXG: Buy recommendation (9/24/2024)

Here is a proposed intraday trade setup**Trade Setup: Long (Buy)****Confluence and Fractals:**- On the **1H chart**, we observe a price reaction near **$2,620** (support level), which coincides with the Fibonacci retracement and fractal points.- On the **1D chart**, price continues its uptrend after a minor retracement, aligning with the major trend. The price has bounced off support near the **$2,620** area, indicating a strong bullish structure.**Entry Price (Buy Limit Order):**- **Entry Price**: **$2,620.50** - This entry is near the immediate support level, offering a low-risk entry and taking advantage of potential upward momentum if the price continues the trend.**Stop Loss:**- **Stop-Loss Price**: **$2,612.00** - This is placed below the last major support zone on the 1H chart and Fibonacci levels, providing enough room for price fluctuations while keeping risk limited.**Take Profit (Target):**- **Target Price**: **$2,640.00** - This target aligns with an expected retracement level near a high liquidity area, where resistance is anticipated. It also reflects a recent resistance point observed on both 1H and 1D charts.**Risk-to-Reward Calculation:**- **Risk**: $8.50 per ounce (from **$2,620.50** to **$2,612.00**).- **Reward**: $19.50 per ounce (from **$2,620.50** to **$2,640.00**).- **Risk-to-Reward Ratio**: **1:2.29** **Trailing Stop-Loss Strategy:**1. **Initial Stop-Loss**: Set at **$2,612.00** after entering the trade at **$2,620.50**.2. **Move to Break-even**: Once the price reaches **$2,630.00**, adjust the stop-loss to **$2,620.50**3. **Trail Stop-Loss**: When the price reaches **$2,635.00**, trail the stop-loss to **$2,625.00** to lock in some profits while protecting against a reversal.4. **Final Adjustment**: As the price nears **$2,640.00**, move the stop-loss to **$2,630.00** to maximize your profit.**Final Trade Details:**- **Buy at**: **$2,620.50**- **Stop Loss**: **$2,612.00**- **Take Profit**: **$2,640.00**- **Position Size**: **0.8 ounces of gold**This trade setup offers a good risk-to-reward ratio and follows the direction of the higher timeframe trend. Use the trailing stop-loss strategy to protect your profits as the price moves favorably.