Technical analysis by Tradingmaniafr about Symbol PAXG: Buy recommendation (2/4/2025)

Hello my friend,We have a bos on the swing structure M15.the price will make its short-term pullback. I have identified 3 potential buy zones.Gold Consolidates Above $2,800 After Hitting a Record High Gold price retreated slightly after reaching an all-time high of $2,831 on Monday. It is currently in a consolidation phase above $2,800, awaiting fresh catalysts. Market focus shifts to US labor data and Federal Reserve (Fed) policymakers’ speeches. Economic & Political Factors Impacting Gold US Dollar demand rebounds as Treasury bond yields rise. Trump delays tariffs on Canada & Mexico but not on China: On Saturday, Trump imposed 25% tariffs on Canada & Mexico and a 10% tariff on China. On Monday, he postponed the Canada & Mexico tariffs by a month after reaching a deal to tighten border security and ban fentanyl exports to the US. Initial market reaction caused high volatility, but the US Dollar weakened on Monday, supporting gold.Economic Data to Watch: Impact on Gold Strong ISM PMI data & hawkish Fed comments pressured gold on Monday. Key US labor data (JOLTS Job Openings) to watch: A reading below 8 million jobs could weaken the US Dollar and push gold towards new highs. A weaker dollar increases gold’s appeal as a safe-haven asset. If risk sentiment improves, markets may shift away from the US Dollar, boosting gold further.Technical Analysis: Gold Nears Overbought Levels RSI at 71 signals overbought conditions, suggesting a potential short-term correction. Key support levels if gold pulls back: $2,800 (psychological level). $2,772 (Monday’s low). $2,754 (January 30 low). $2,731 (21-day SMA). Upside potential: A break above $2,831 would target the $2,850 psychological level. The 50-day & 100-day SMA Bull Cross still supports an overall bullish trend.Gold remains in an uptrend, but a short-term correction is possible.US labor data and Fed policy decisions will be key drivers for the next move. Trade war uncertainties and Trump's tariff policies will continue to influence gold’s safe-haven demand.