Technical analysis by DynamicCapital-FX about Symbol PAXG: Buy recommendation (10/16/2024)

Gold Reserve Diversification: At the LBMA conference, central bank representatives shared that gold purchases are driven by financial and strategic goals.US Election Impact: Uncertainty over the upcoming presidential elections, with Trump and Harris closely tied in polls, is prompting banks to hedge risks.Geopolitical Risks: Tensions in the Middle East are also boosting gold, with Israel expressing readiness to target Iran's military infrastructure.Price Trends:Long-term trend: Upward, aiming to break the historical high of 2685.00. Potential targets: 2750.00 and 2810.00 if consolidation succeeds.Support and Correction: If the price drops to 2602.00, long positions toward 2685.00 are favourable. A breakout below 2602.00 could trigger a correction targeting 2546.00 and 2471.00.Medium-term trend:Correction: Last week’s correction did not reach key support at 2575.61–2564.61. If a reversal occurs, the price could rise to 2685.61 and potentially 2712.70–2701.70.Correction Scenario: If another correction develops, the price may revisit 2575.61–2564.61, followed by growth toward 2625.00 and 2685.00.Gold have reached our target, trade closed.