Technical analysis by ashif030 about Symbol PAXG: Buy recommendation (1/28/2025)

Support Zone Identification:A strong rejection near $2736.55 highlights the presence of buyers at this level. This could act as a springboard for a bullish reversal.Trade Idea:Entry:A potential long trade is feasible near $2736.55, once the price shows confirmation of rejection and upward momentum.Stop-Loss:Below $2730.60, as a break below this level may invalidate the bullish bias.Target:The supply zone at $2767.82, aligning with the broader downtrend structure.Risk-to-Reward Ratio:The setup offers an attractive risk-to-reward ratio, ensuring the risk is minimal compared to the potential gain.Confluence Factors:The demand zone near $2736.55 aligns with recent price consolidation.The broader market structure remains intact, with the supply zone acting as the next significant resistance.Conclusion:Monitor the $2736.55 level for signs of bullish price action before entering the trade. A successful breakout could see XAUUSD targeting the $2767.82 supply zone.