Technical analysis by Pierce_Bowers about Symbol PAXG: Buy recommendation (12/11/2024)

Gold prices continue their upward trend, currently trading near $2,702 after a significant rally. The 4-hour chart reveals a strong bullish structure, with the price breaking out of a consolidation zone between $2,666 and $2,651.Key Observations:Gold has reached the 0.618 Fibonacci retracement level at $2,678, confirming its bullish momentum.The next major resistance lies at $2,716. A successful breakout above this level could propel prices toward the 1.618 Fibonacci extension near $2,777.Potential Scenarios:Bullish Continuation: If gold breaks and holds above $2,716, the rally is likely to extend toward $2,777.Pullback Opportunity: A rejection near $2,716 may lead to a retest of the support zone around $2,666–$2,678, offering a potential buying opportunity for traders.Trading Strategy:Buy Zone: Near $2,666–$2,678 on a pullback.Take Profit: Around $2,716 for short-term positions and $2,777 for extended targets.Stop Loss: Below $2,651 to minimize risk.