Technical analysis by ConanTradingFX about Symbol PAXG: Buy recommendation (10/16/2024)

Hello everyone!Overall, Gold is trying to maintain its upward momentum from today's Asian session, despite the risk aversion from China. The weakness in the USD continues to provide momentum for gold.Currently, a cup with handle pattern has appeared, indicating a positive signal for the medium-term outlook. However, the important resistance level of $2,670 is a big challenge. If buyers can take advantage of the strong momentum from the $2,660 - $2,665 zone, supported by the 34 EMA that has not shown any signs of reversal, then gold could definitely break out to $2,680 in the short term.