Technical analysis by Derick-VT about Symbol PAXG: Buy recommendation (11/22/2024)

XAUUSD Long-Term ForecastGold (XAUUSD) is testing the upper boundary of a strong ascending channel, reflecting its long-term bullish momentum. Based on Fibonacci extensions, I see a potential pullback toward key levels like $2,315 or $2,100, where strong support from the volume profile lies.However, I expect the price to eventually break out of this channel due to ongoing geopolitical tensions, particularly the Russia-Ukraine situation, which is driving major investors toward safe-haven assets like Gold -& Bitcoin.Momentum is showing signs of slowing down, but this correction could serve as a springboard for the next big move. My eyes are on $2,800 as the next resistance to clear, with a $3,000 target in sight once the breakout materializes.