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

Wednesday (December 11) on the Asian market, XAUUSD Spot delivery increased again in the short term. Gold price has just surpassed the important milestone of 2,700 USD/ounce, reaching the highest level of the day as of the time this article was completed at 2,703.65 USD/ounce.Attention is turning to the US consumer price index (CPI) today (Wednesday) and the producer price index (PPI) on Thursday, both data will be important in influencing the Federal Reserve's decision to cut interest rates.According to market surveys, the US Consumer Price Index (CPI) is expected to increase 0.3% in November, with year-on-year increases expected to be 2.7% and 3.3%, respectively. %.Overall and core producer prices in the United States are expected to increase 0.2% month-on-month in November, with year-over-year increases of 2.6% and 3.2%, respectively.CPI data in line with expectations is unlikely to hinder interest rate cuts, but if the data shows inflation progress is slowing, the likelihood of a third consecutive rate cut by the Fed may decrease.The Chicago Mercantile Exchange's "FedWatch Tool" shows that the futures market expects an 86% chance that Fed Chairman Powell and his colleagues will cut the federal funds rate by 25 basis points at their meeting on August 17-18. /12.In addition, gold prices also skyrocketed when the Chinese central bank resumed gold purchasing activities. Meanwhile, the geopolitical situation plays an important role and still has many potential risks after Syrian President Bashar al-Assad was overthrown.Gold is considered a safe investment during times of economic and geopolitical uncertainty and tends to appreciate in low interest rate environments.Analysis of technical prospects for XAUUSD On the daily chart, gold has initial conditions for a bullish outlook as it broke out of the falling price channel after a long period of sideways accumulation.On the other hand, the Relative Strength Index also rose above the 50 level, which should be considered a positive signal for the future growth prospects as it will move towards the 75-100 area. With that, EMA21 which was the previous resistance has now become the most notable support.Gold prices are pushed above the original price level of 2,700 USD, keeping price activity above the 0.382% Fibonacci retracement level will provide conditions for a new bull cycle with the target then around 2,730 USD where the Fibonacci retracement is located. 0.236%, more than the Volume Profile POC level.During the day, gold has all the technical conditions to increase in price and is temporarily limited by the original price of 2,700 USD. The notable points will be listed as follows.Support: 2,693 – 2,676 – 2,663USDResistance: 2,700 – 2,730USDSELL XAUUSD PRICE 2721 - 2719⚡️↠↠ Stoploss 2725→Take Profit 1 2714↨→Take Profit 2 2709BUY XAUUSD PRICE 2659 - 2661⚡️↠↠ Stoploss 2655→Take Profit 1 2666↨→Take Profit 2 2671- XAUUSD has broken out strongly from a sideways range, with swings higher and a bullish EMA divergence also indicating bullish momentum in the pair.Plan SELL HIT TP1 +80pips😵😵😵