Technical analysis by Andz50 about Symbol PAXG: Buy recommendation (11/21/2024)

Gold has broken clearly back above a major long-term trendline and is attempting to break above the (red) 50-day Simple Moving Average (SMA) at $2,661. These are bullish signs.The precious metal’s short-term trend is bullish, and given the maxim that “the trend is your friend,” the odds favor a continuation higher. The next target to the upside lies at $2,686, the September 26 high. That said, the precious metal is in a downtrend on a medium-term trend, raising risks for the outlook. It is in an uptrend on a long-term basis, however, which supports the bullish shorter-term view.