Technical analysis by Crazytrader00011 about Symbol PAXG: Buy recommendation (2/21/2025)

Market news:In the early Asian session on Friday (February 21), spot gold fluctuated in a narrow range and is currently trading around $2,945/ounce. London gold prices hit a record high again on Thursday, reaching a high of $2,955/ounce, the tenth record high so far this year, due to concerns that US President Trump's tariff threats would trigger a global trade war, which stimulated the safe-haven demand for gold investment. The decline in the US dollar and US Treasury yields also provided international gold prices with opportunities to rise.US President Trump's tariff negotiations continue to panic the market, and investors have turned to gold, a traditional means of storing value. International gold still faces upside risks brought about by Trump's tariff uncertainty and market tensions. The market is also paying attention to geopolitical developments. Trump condemned Ukrainian President Zelensky as an "unelected dictator" on Wednesday. The market generally believes that the intensification of global geopolitical and trade tensions will continue to drive the upward trend of gold prices. Although technically, the price of gold is close to the overbought area, the bullish forces still dominate, and the upward momentum of gold in the short term is still strong. The market's focus is also on whether the price of gold can break through the $3,000/ounce mark in the near future. In fact, the rise in gold prices this year is expected to be more dramatic than in 2024, and price volatility will be more significant. Looking back at 2024, the rise in gold prices was mainly driven by market concerns about the U.S. debt crisis and geopolitical risks. In 2025, with the introduction and intervention of a series of new policies in the United States, the emergence of many problems such as the Federal Reserve facing an audit for the first time in 112 years and whether there is a deficit in the gold vault will further aggravate the uncertainty of market sentiment, which will undoubtedly provide a strong driving force for the rise in gold prices. The February manufacturing PMI data of European and American countries and the annualized total number of existing home sales in the United States in January will also be released on this trading day, and investors need to pay attention to them. In addition, it is necessary to continue to pay attention to Trump's dynamic news and speeches by Federal Reserve officials.Technical Review:Gold price continued to close in a wide range of fluctuations. After hitting a record high of 2955, the US market was washed down to 2924, but the closing above the 2940 mark was not a very weak trend. On Friday, we need to pay special attention to the phenomenon of profit-taking, such as the waterfall trend of the US market last Friday. Intraday trading still waits for a callback, but don't chase it, be careful not to hit the ceiling!     The four-hour gold line is still in a long form. The overnight gold price fell back to the position of the moving average, from 2955 to around 2924. There is still mutual attraction between the moving average and the gold price. At present, the K line is still stabilizing above the moving average, and the moving average is still pointing to the northeast. This is obvious. There is no sign of a downward turn. Intraday trading is based on the 20 US dollar range above and below the 2940 central axis to participate in high-altitude low-multiple layout.Today’s interpretation:The strong upward trend has not stopped, and the gold price has hit a new high. The continuous high of gold has also confirmed the energy and market tendency of the bulls. Even if the market is very strong, it is not recommended to chase the long position. The more it falls back, the greater the probability of being trapped can be avoided! After gold hit a new historical high, some bulls took profits, so there was a wave of correction, but this correction is expected to be limited, so it is not suitable to chase the short position. Short positions can be quickly entered and exited with profits! When the current market structure moving average supports the rise, the short-term moving average support of the market that falls back and adjusts is temporarily pierced. The focus is still on the long-term moving average support level of 2920 and yesterday’s low of 2924. If the market continues to adjust but does not fall below 2920, it will still remain bullish! Our goal for this round is to continue to hit a new high!Operation ideas:Short-term gold 2927-2930 long, stop loss 2918, target 2960-2970;Short-term gold 2967-2970 short, stop loss 2978, target 2940-2930;Key points:First support level: 2930, second support level: 2923, third support level: 2913First resistance level: 2950, ​​second resistance level: 2958, third resistance level: 2968