Technical analysis by Zola_Hello about Symbol PAXG: Buy recommendation (1/13/2025)

Gold prices hover below $2,700, showing signs of exhaustion as the bulls face strong resistance in the $2,750-$2,761 range. The daily chart reflects a sideway downtrend, with the price locked in a tug-of-war between buyers and sellers. The ascending trendline and key support at $2,623 act as the last bastions for the bulls, while the 34 and 89 EMA stand firm as dynamic barriers.Despite the strength of the U.S. dollar, driven by hawkish sentiment and risk-on appetite, geopolitical uncertainties and safe-haven demand keep gold resilient. However, the upward momentum has waned, suggesting limited room for a breakout above $2,700 without new catalysts.If the price breaks below $2,623, it could accelerate a decline towards $2,600 or lower, reinforcing the bearish sentiment. Conversely, if buyers regain control and push above $2,700, a retest of $2,761 might spark renewed buying interest.This market phase reflects cautious optimism tempered by underlying risks, requiring traders to closely monitor dollar strength and political developments for cues on the next directional move.