Technical analysis by Adelaide-K1 about Symbol PAXG: Buy recommendation (12/12/2024)

XAUUSD First Golden Cross (4-hour) in 5 Months Strong Buy. Gold is trading inside an 8-month uptrend channel and has just broken the previous high’s descending resistance level. It is about to form a Golden Cross on the 4-hour timeframe and the last such formation dates back to July 7th. That was a heavy bullish signal that peaked at the 1.236 Fibonacci extension. Trading Plan: 1. Buy at the current market price. Targets: 1.2850 (1.236 Fibonacci extension). Tips: 1. The MACD (1d) is also forming a bullish cross similar to July’s, which is an additional strong buy signal