Technical analysis by Cinnamon_Girl about Symbol PAXG: Buy recommendation (12/10/2024)

Gold prices edged slightly higher to $2,663 in the early hours of Tuesday's trading session, with the overall trend becoming more appealing than ever.Gold remains confined within a range, moving sideways just below the $2,665 resistance level. This resistance has been tested, and the EMA 34 and 89 lines are showing signs of convergence, signaling a potential reversal if favorable conditions arise. This opens up buying opportunities for investors.In terms of gold's recent performance, the precious metal gained momentum following the release of the World Gold Council (WGC) report. The WGC revealed that the People's Bank of China (PBoC) increased its gold reserves in November after a six-month pause. China's gold reserves rose to 72.96 million ounces by the end of November. This increase coincided with a period of sharp declines in gold prices due to sell-offs after the U.S. election results.Looking ahead, short-term technical charts suggest continued upward momentum. However, the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data, set to be released on Wednesday and Thursday, will take center stage. These figures are expected to directly influence the Federal Reserve's interest rate decisions, shaping the long-term outlook for gold prices during this period.