Technical analysis by therabbittrades about Symbol PAXG: Buy recommendation (9/18/2024)

Market Overview:Fractals:The 1D chart shows a continuation of the bullish structure after a breakout from previous resistance.The 1H chart shows fractals that indicate short-term consolidation after recent volatility. This might give a chance for price to retest the lower support before continuing the upward momentum.Trend Direction:The major trend on the daily chart is bullish, confirmed by the breakout above key levels.A retracement or consolidation on the 1H chart provides a good opportunity for an entry aligned with the trend.Trade Idea:Buy Position (in alignment with the overall uptrend)Entry Point:Entry: A limit buy order at $2,565.00.This price represents a retest of a strong support level and previous resistance on the 1H chart. It also aligns with a fractal point and the Fibonacci retracement level (38.2%) from the recent upswing.Stop Loss:Stop Loss: $2,555.00.This stop loss level is below the recent support on the 1H chart, providing enough room for price fluctuations without risking too much capital.Take Profit (Target):Target: $2,585.00.This target is slightly below the recent high. It represents an area where high liquidity and potential resistance may come into play, making it a logical point for an intraday profit.Risk/Reward Calculation:Risk: $10 per ounce (from $2,565.00 to $2,555.00).Reward: $20 per ounce (from $2,565.00 to $2,585.00).Risk-to-Reward Ratio: 1:2 — a solid risk-reward ratio for an intraday trade.Trailing Stop-Loss Adjustments:Initial Stop-Loss: $2,555.00.Move to Break-even: Once the price reaches $2,575.00, adjust your stop to $2,565.00 (your entry point).Trail Stop: As price approaches $2,580.00, trail your stop to $2,575.00 to lock in profits.Final Adjustment: When the price is near the $2,585.00 target, trail your stop to $2,580.00.Final Recommendation:Buy at $2,565.00 (limit order).Stop Loss: $2,555.00.Take Profit: $2,585.00.Trail stop loss for profit protection as outlined above.This trade is aligned with the bullish momentum seen on the higher timeframe and provides a strong risk-to-reward opportunity based on the intraday retracement. But take caution of the major FOMC event.Trade is now active