Technical analysis by Adelaide-K1 about Symbol PAXG: Buy recommendation (12/16/2024)

Gold may have bottomed out near 2644A bearish wave began on Thursday, driven by speculation around upcoming CPI and PPI data and a potential FOMC interest rate decision on Wednesday, December 18. The market is expecting a 25 basis point rate cut from the Fed, similar to previous decisions, so it wouldn’t be a surprise. A Trump election win isn’t expected to make much of a difference in the FOMC’s monetary policy statement. There’s no need for them to be more or less hawkish right now. Given that this meeting may not bring any major surprises, as many are expecting, we should see gold rally further from this area, with a potential bottom at 2644 for now. Gold appears to have completed a five-wave downtrend and could rally again from this area, either for another similar wave or a smaller one.