Technical analysis by Pierce_Bowers about Symbol PAXG: Buy recommendation (10/28/2024)

At the start of the week, gold has quickly regained its upward momentum, aiming for new highs. Currently, the precious metal is trading around $2,731, with the bulls firmly in control of the market.On Friday, gold saw an influx of buying interest, which slightly eroded the previous day’s gains as the USD weakened. This shift was supported by expectations of a less aggressive easing policy from the Federal Reserve.Additionally, a generally positive tone in the stock market has somewhat dampened demand for this safe-haven asset. However, ongoing political uncertainty in the U.S. ahead of the November 5 presidential election, persistent geopolitical risks from ongoing conflicts in the Middle East, and further declines in U.S. Treasury yields are providing solid support for gold prices.