Technical analysis by Pierce_Bowers about Symbol PAXG: Buy recommendation (12/6/2024)

Good morning, traders! In the early hours of Friday's trading session, gold continues to weaken, losing over 12 pips.This decline reflects a temporary pause from bullish investors as they seek new drivers for upward momentum. From a technical perspective, the chart shows that while long-term bullish momentum remains intact, the current pullback appears to be nearing its conclusion. Support is forming around the $2,566 zone, followed by $2,630.In the short term, gold may experience further declines as the market awaits directional clarity from news expected later in the day. On the other hand, the long-term bullish trend remains a favored bet, with key upside targets marked clearly on the chart.Happy trading, and may your trades be profitable! Don’t forget to leave a like and share your thoughts about the outlook for this precious metal. Cheers!