Technical analysis by tradingdxy85 about Symbol PAXG: Buy recommendation (12/9/2024)

Technical Analysis for BuyTrend: XAU/USD is showing signs of a potential bullish reversal from the oversold conditions.Indicators: RSI and Stochastic are in oversold territories, suggesting a potential upward movement.Target Areas: 2670, 2700, 2800, and 2900.Trading ScenarioEntry Point: 2657Stop Loss: 2630Target 1 (TP1): 2700Target 2 (TP2): 2800Target 3 (TP3): 2900ExplanationEntry: Enter a buy position at 2657.Stop Loss: Set stop loss at 2630 to limit downside risk.Scenario: If the price reaches the resistance level at 2670 and retraces to 2655, look for a break above 2675.TP1: Set the first profit target at 2700.TP2: If the price continues to move up, set the second profit target at 2800.TP3: For long-term targets, aim for 2900.