Technical analysis by EugeneHuman about Symbol PAXG: Buy recommendation (10/31/2024)

Today, the world witnessed a significant surge in gold prices, with spot gold climbing to a new high of $2,788.10 per ounce, a $12.50 increase from the previous day. Gold futures also experienced a substantial rise, closing at $2,798.60 per ounce, up $17.50.This latest increase marks a continuation of the upward trend observed in recent sessions, with today's gain amounting to 0.68%.Many analysts attribute this bullish momentum to the outcome of the US election. As the implications of the new administration unfold, gold, often seen as a safe-haven asset, is gaining traction among investors seeking to protect their wealth.While the current price level is historically high, I predict that gold may encounter resistance at $2,800 per ounce. If this level is breached, the next significant target could be $2,850 per ounce.As the global economic landscape continues to evolve, gold's performance will undoubtedly remain a subject of keen interest for investors and market watchers alike.