Technical analysis by Pierce_Bowers about Symbol PAXG: Buy recommendation (11/22/2024)

Gold (XAU/USD) continues to show bullish momentum, currently trading at $2,681.58, as it recovers strongly from the recent downward channel. The price is approaching the immediate resistance at $2,706, a key level that, if broken, could pave the way for further gains towards the major resistance zone at $2,746. This orange-marked zone is critical, as a breakout above it would confirm the continuation of the uptrend.In case of a pullback, the green support zone between $2,635-$2,647 offers a strong demand area where buyers may re-enter the market. A retracement to this level could provide a good buying opportunity before the price resumes its upward trajectory.Traders should monitor the price action around $2,706 closely. A successful breakout targets $2,746 and potentially higher, while a rejection might lead to a pullback to the support zone. Overall, the bullish structure remains intact, and gold appears poised for further gains in the coming sessions.