Technical analysis by tradingdxy85 about Symbol PAXG: Buy recommendation (1/1/2025)

Support and Resistance:Support Level: Around 2,558.12 USD (Stop Loss level).Resistance Level: 2,717.91–2,720.69 USD (Take Profit 2 zone).Trend and Pattern:Price is moving within an ascending channel, indicating a bullish trend.Potential upward movement towards the resistance zone.Indicators:MA50 and MA200 Cross: A golden cross suggests bullish momentum.RSI: At 67.77, nearing the overbought zone, signaling caution for potential corrections.Trading Plan:Entry: Around 2,617.43 USD (current price).Take Profit 1: 2,650.54 USD.Take Profit 2: 2,717.91–2,720.69 USD.Stop Loss: 2,558.12 USD (below the support zone).Risk Management:Maintain a risk-to-reward ratio of at least 1:2.Monitor global economic news affecting gold prices.Summary:The chart suggests a bullish opportunity for XAU/USD. However, monitor for short-term corrections as RSI approaches overbought levels. XAUUSD