Technical analysis by Lucky-blackcat about Symbol PAXG: Buy recommendation (10/27/2024)

The US election could push gold to new heights!Technically:Based on the resistance and support areas of the gold price according to the H4 frame, identifies the important key areas as follows:Resistance: $2759, $2782, $2805Support : $2708, $2680World situation:Gold prices hold steady late in the North American session before the weekend, rising 0.18% after reaching a record high of $2,758 on Wednesday. Heightened Middle East tensions and uncertainty around the upcoming US elections are steering traders toward the safe-haven metal, with XAU/USD currently trading at $2,740.Geopolitical issues have overtaken US economic data as the primary influence on gold’s movement. Tensions remained high Friday between Israel and Hezbollah near the Israel-Lebanon border, with Israeli officials reporting that around 45 missiles were launched by the group.Identify:Short-term sideways adjustment in the price range of 2710-2750, gold price continues to expect to reach a new ATH before the US presidential election