Technical analysis by therabbittrades about Symbol PAXG: Buy recommendation (10/4/2024)

It's NFP today so let's keep our volume light :) Based on the fractals in the 1H and 1D charts, here is a potential intraday long (buy) trade setup.1. Fractals and Trend Analysis:1D Chart: The price is in a strong uptrend but showing consolidation near $2,658.00, which is currently a resistance level. A break above this level could signal a continuation of the upward trend.1H Chart: The price has recently bounced off the $2,640 support zone, which coincides with a Fibonacci retracement zone. The fractals suggest short-term upward movement toward the $2,660-$2,670 range, which has been a resistance zone.2. Entry Price:Buy Limit Order: $2,650.00This is close to the support level and Fibonacci retracement zone from the 1H chart. It provides an optimal entry point with lower risk.3. Stop Loss:Stop Loss: $2,640.00Placing the stop loss slightly below the recent support zone at $2,640 protects the trade if the price reverses significantly. 4. Take Profit:Take Profit Price: $2,680.00This target is set at the upper boundary of the recent range and close to a high liquidity zone from the daily chart. The price may face resistance here, offering an optimal exit with a favorable reward-to-risk ratio.5. Risk-to-Reward Ratio:Risk: $10 per ounce (from $2,650 to $2,640).Reward: $30 per ounce (from $2,650 to $2,680).Risk-to-Reward Ratio: 1:36. Trailing Stop-Loss Strategy:Initial Stop Loss: $2,640.00.When the price reaches $2,665.00, adjust the stop loss to $2,650.00 (break-even).When the price reaches $2,675.00, adjust the stop loss to $2,665.00 to lock in profits.Continue trailing the stop loss by $5 increments to secure further profits as the price approaches the target.7. Volatility Adjustment:The price has been fluctuating within a $15-$20 range recently. The stop loss and take-profit levels are designed to accommodate price volatility, allowing enough room for price action to develop without triggering early exits.Final Trade Details:Entry Price: $2,650.00 (Buy Limit)Stop Loss: $2,640.00Take Profit: $2,680.00This trade setup provides a good opportunity for a profitable intraday trade in the direction of the major trend.