Technical analysis by tradingdxy85 about Symbol PAXG: Buy recommendation (12/4/2024)

"XAUUSD Trading Strategy: Targeting $3,000 After a Break Above $2,700 Resistance"Current Price: 2,642Resistance Level: 2,700Moving Average Condition: 4-hour timeframeAnalysis:If XAUUSD breaks above the resistance level at 2,700 and the price also crosses above the 4-hour moving average (MA) with strong bullish momentum, it signals a potential continuation of the uptrend. The ultimate target for this movement is set at 3,000.Trade SetupEntry Point:Enter a long position when the price closes above 2,700 and confirms a break above the 4-hour moving average.Take Profit Targets:Take Profit 1: 2,800Take Profit 2: 2,900Take Profit 3: 3,000Stop Loss:Set a stop loss at 2,620, below the breakout level and moving average, to minimize risk.