Technical analysis by ConanTradingFX about Symbol PAXG: Buy recommendation (10/15/2024)

Dear Friends.Today, gold is trading around $2649 and is little changed from the same time yesterday.Accordingly, gold prices have fallen after hitting an intraday high of $2666 on Monday as China's stimulus measures failed to save financial markets and the greenback continued to rise.However, when looking closely at the 2-hour chart, the technical picture is quite similar after gold prices broke through the resistance of the downtrend channel, gold prices increased and consolidated their value. Technically, it can be seen that gold prices are reacting around the 34 EMA and the barrier held by active buyers has not been broken, which shows that the uptrend is not over yet. Due to these factors, in 's personal opinion, if gold can successfully overcome the nearest resistance level this week at 2660 - 2677, the opportunity to increase will be very large, possibly reaching the $2700 mark.