Technical analysis by sxu8sxu8 about Symbol PAXG: Buy recommendation (11/24/2024)

Gold has surged nearly 6% this week amid a sudden escalation of tensions between Russia and Ukraine. This week, gold gained bullish momentum after two weeks of declines, rising above $2,700 an ounce. The near-term technical outlook shows a bullish turn. Key inflation data from the US and geopolitical headlines are likely to continue to influence gold prices. Spot gold closed the week up $152.93, or 5.97%, at $2,715.85 an ounce, the highest since Nov. 6. Gold this week posted its best weekly performance since March 2023, when a wave of banking crises swept through global markets, boosting demand for safer assets. The rally has been driven by both fundamental news and mixed expectations about future monetary policy and geopolitics. The recent market background shows that the escalation of the situation between Russia and Ukraine has significantly increased the market's demand for safe havens, and at the same time, the potential changes in US economic data and Federal Reserve policy have also become important factors affecting the price of gold. Despite the dollar's recent strength, gold has shown strong relative resilience. At present, market expectations for the Fed to cut interest rates in December have fallen, the probability of a rate cut has fallen from 82.5 percent a week ago to 53 percent. This has somewhat dampened gold's upward momentum, but geopolitical influences have clearly taken a more dominant role. In addition, the market is closely watching future US economic data, especially the upcoming release of the core PCE index. If the data falls short of expectations, it could reignite expectations of a Fed shift to easing, providing further support for gold prices.Looking ahead, the main theme of the gold market will continue to be the dual role of geopolitical situation and monetary policy. In the short term, further developments in the Russia-Ukraine situation will continue to be the focus of market attention, especially as any new escalation of the conflict could spark further gains in gold. Meanwhile, investors will need to keep an eye on U.S. economic data next week. If the core PCE data is weak, the Fed's policy direction may shift to easing again, which will provide new upward momentum for gold prices. It should be noted that although the current gold price is in an uptrend, market bulls need to be alert to the risk of a pullback. On the one hand, after the recent sharp rise in gold prices, there may be profit-taking pressure; On the other hand, if the geopolitical situation eases or the Fed policy is expected to tighten further, it could limit gold's gains. Overall, gold has performed strongly in the short term under the leadership of risk aversion, but whether it can break through historical highs still needs to be supported by clearer fundamental signals. In the current complex market environment, investors should keep a close eye on key factors to better understand changes in market trends. Next week, although the US Thanksgiving holiday will shorten the trading week, there are still some important economic data releases. The market will focus on consumer confidence and new home sales data on Tuesday, as well as the FOMC minutes on Wednesday. In addition, core PCE inflation, durable goods orders and weekly jobless claims for October are also expected on Wednesday.11.25 Gold operation Strategy reference:SELL: 2750-2755SL: $6TP: 2730-2710, to 2690 if breakoutBUY:2690-2693SL: $6TP: 2725-2745, If the breakthrough, to 2755;Black Friday is almost here. Do you have enough money in your wallet? There is Christmas next month, if you want to make money, you can contact me! You can choose to watch people shopping, taking vacations, buying cars during the upcoming holidays. Or buy your own car, vacation, or house!