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

Gold (XAU/USD) stays around $2,672-$2,670 as trading opens in Europe on Monday, continuing its recent downtrend from the October 31 record high. The USD remains slightly below last week's 4-month peak, driven by optimism over Trump’s economic policies, which are pressuring gold for the second consecutive day.Investors expect Trump’s policies to boost growth and inflation while limiting strong Fed easing, keeping US Treasury yields high and pushing funds away from non-yielding gold. However, a mild risk sentiment may support gold as traders await US inflation data and Fed Chair Powell’s speech later this week.Personal opinion:A sell-off below last week's low around $2,643 could trigger further downside, potentially pushing gold towards the October range low at $2,605-$2,602. However, a rebound above $2,700 faces strong resistance near $2,718 and the $2,740-$2,745 zone. A break above these levels could signal the end of the correction and push gold towards $2,750 and the $2,758-$2,790 range, or even the record high from October 31.Pay attention to the price range:Buy Zone: 2656 - 2654SL: 2649Buy Zone: 2666 - 2664SL: 2659Sell Zone: 2687 - 2689SL: 2694Buy Zone: 2666 - 2664 +20pips+30Pips Running