Technical analysis by Alexgoldhunter about Symbol PAXG: Buy recommendation (1/21/2025)

XAUUSD XAU/USD: Elliott Wave Analysis: Eye on the Powerful Wave 3Capitalizing on Wave 3Elliott Wave AnalysisUpon inspecting the Gold Spot (XAU/USD) chart:Wave Count: It appears that the market is currently in the middle of an impulse wave. We are likely in wave three (the most powerful and extended wave), which is typically the most lucrative wave for trading.Current Structure: The market previously completed waves 1 and 2. Wave 3 is in progress, potentially subdividing into smaller impulsive waves.Fibonacci Levels:For wave 3, the Fibonacci extension levels 1.618 and 2.618 are critical for take-profit targets.For wave 4, a retracement back to Fibonacci levels 0.382 or 0.5 is probable.Wave 5 should also consider the 0.618 extension for future movement.Buy StrategyEntry: After the completion of wave 4 retracement (around Fibonacci levels 0.382 or 0.5).Take Profit 1 (TP1): Fibonacci extension level 1.618.Take Profit 2 (TP2): Fibonacci extension level 2.618.Stop Loss (SL): Below the start of the current impulse wave (wave 4).Sell StrategyEntry: After the completion of wave 5, when a new corrective wave is expected to start.Take Profit 1 (TP1): Fibonacci retracement level 0.382.Take Profit 2 (TP2): Fibonacci retracement level 0.5.Stop Loss (SL): Above the recent high.VIP SignalBuy Signal:Entry: 2740TP1: 2784 (440 pips)TP2: 2835 (950 pips)SL: 2720 (200 pips)Sell Signal:Entry: 2840TP1: 2800 (400 pips)TP2: 2750 (900 pips)SL: 2860 (200 pips)This analysis incorporates Elliott Wave principles, Fibonacci levels, and key indicators displayed on the chart to provide a comprehensive trading strategy. Happy trading!Follow Alexgoldhunter for Latest Ideas and MindsEntry: 2740 Activated TP1: 2784 (440 pips)TP2: 2835 (950 pips)SL: 2720 (200 pips)almost 250 pips Done Great