Technical analysis by Veda_Solomon about Symbol PAXG: Buy recommendation (11/25/2024)

Last week, gold posted an impressive gain of over $150 per ounce, recovering strongly across all trading sessions. This remarkable performance highlights the unwavering confidence of investors in the precious metal, particularly during times of economic and geopolitical turmoil.From a personal perspective, gold's upward momentum is expected to remain supported by safe-haven demand as geopolitical tensions continue to escalate. Additionally, the "buy-the-dip" activity during minor corrections has helped sustain gold prices at elevated levels.In the short term, if gold holds above the critical $2,700/ounce mark, the likelihood of it advancing to $2,800/ounce increases significantly. Moreover, optimistic forecasts suggest that gold could reach $3,000/ounce by next year, despite the challenges posed by a strong US Dollar and rising US bond yields.Gold continues to solidify its role as a "safe harbor" during uncertain times. With its current upward trajectory, the precious metal remains a highly attractive asset, drawing robust interest from investors across the globe.