Technical analysis by tradingdxy85 about Symbol PAXG: Buy recommendation (12/16/2024)

Chart Pattern: A symmetrical triangle is forming on the XAU/USD (Gold Spot) 1D chart.Breakout Zone: The price is approaching the resistance line of the triangle pattern (around 2,670). A confirmed breakout above this line could drive the price to the next target at 2,750.Confirmation Signal: Look for a daily close above 2,670 with strong volume to confirm the breakout.Indicators:RSI: The RSI (7) is at 49.32, indicating neutral momentum. A rise above 52.70 could signal increasing buying strength.Moving Averages: The MA50 (orange line) supports the price as dynamic support.Target: 2,750 is the projected price level based on the breakout height of the triangle.Risk Management: Place a stop-loss below the lower triangle support (around 2,590) to manage downside risk.Trade Idea:Enter a long position if the price breaks and closes above 2,670.Take-Profit at 2,750.Stop-Loss at 2,590. XAUUSD XAUUSD XAUUSD