Technical analysis by Chana-Trading about Symbol PAXG: Buy recommendation (11/4/2024)

Gold prices have halted their adjustment from the record high of $2,790 set on Friday, as the U.S. dollar faces strong selling pressure. The gap opened lower following the latest poll results regarding the U.S. elections, which showed Kamala Harris surpassing Donald Trump in Iowa, marking a significant shift. The presidential race between the two candidates is intensifying, with Americans set to vote on Tuesday.Additionally, U.S. Treasury yields are also declining due to market caution and expectations that the Fed will cut interest rates by 25 basis points on Thursday, which has supported non-yielding gold prices.Personal opinion:Gold prices are heavily influenced by the U.S. elections and the economic situation. Kamala Harris leading in the polls might make investors feel more optimistic. The drop in bond yields also indicates that people are looking for safe places to invest, increasing gold's appeal during this uncertain time.Pay attention to price levels:Buy zone: 2727 - 2725SL: 2720Sell Zone: 2747 - 2749SL: 2754Sell Zone: 2760 - 2762SL: 2767