Technical analysis by tradingdxy85 about Symbol PAXG: Buy recommendation (12/18/2024)

Analysis:Support Zone:Price is currently testing the lower support trendline of the ascending channel (around 2,636 USD).This level has acted as strong support previously, making it a potential rebound point.Moving Averages (EMA 50 and EMA 200):Price is below both the 50 EMA (orange) and the 200 EMA (green), suggesting a short-term bearish trend.However, a bounce from support could push price back to test these levels as resistance.RSI Indicator:The 7-period RSI is at 29.52, indicating oversold conditions.This suggests a possible reversal or price rebound in the near term.Trade Setup:Entry (Buy):Enter near 2,636 - 2,640 USD if price shows a bullish reaction (e.g., bullish candle or reversal signal).Take Profit Targets:TP1: 2,665 USD (near 50 EMA).TP2: 2,678 - 2,680 USD (near 200 EMA).TP3: 2,733 USD (upper channel resistance).Stop Loss:Place a stop loss below the ascending channel support at 2,615 USD to limit risk.📊 "Trade what you see, not what you think!"Good luck, and manage your risk wisely! 🚀 XAUUSD