Technical analysis by DhandaTheGreat about Symbol PAXG: Buy recommendation (2/23/2025)

Current Price: $2,9361-Hour (H1) Chart Analysis:📌 Consolidation Below Resistance – Gold has been struggling to break above a key resistance zone around $2,950, which is marked by multiple rejections (red resistance line). The price action suggests range-bound movement in the short term.📌 Bullish Wick & Support Holding – A notable bullish wick appeared, showing that buyers stepped in at lower levels, reinforcing support around $2,920. This is a sign that buyers are still interested in keeping gold above key levels.📌 Short-Term Trend – Despite minor pullbacks, gold remains in an uptrend on the H1 timeframe, supported by higher lows and the trendline support (green line).📌 Indicators:✔️ Moving Averages suggest supportive momentum, as price is still holding above the short-term EMAs.✔️ A breakout above $2,950 could push gold toward $2,980 - $3,000.H1 Prediction:📈 Bullish Scenario: If gold breaks and holds above $2,950, expect an upside move to $2,980 - $3,000.📉 Bearish Scenario: A rejection at $2,950 could trigger a pullback toward $2,920 - $2,900.Daily (D1) Chart Analysis:📌 Strong Uptrend & Channel Formation – Gold has been in a steady bullish trend, forming higher highs and higher lows within an ascending channel (red trendlines).📌 Key Resistance at $2,950-$3,000 – The next major psychological resistance is around $3,000, which aligns with the upper trendline resistance. If momentum continues, gold could test this level soon.📌 Strong Support at $2,880-$2,860 – The green trendline acts as dynamic support. If gold retraces, this zone should hold as key buying support before another push higher.📌 Indicators:✔️ Gold remains well-supported by trendlines and moving averages.✔️ A break above $2,950 will likely accelerate buying interest toward $3,100.✔️ If gold retraces, buyers are likely to step in around $2,880-$2,860.D1 Prediction:📈 Bullish Scenario: If momentum continues, gold could break above $2,950 and target $3,000-$3,100 in the coming weeks.📉 Bearish Scenario: A pullback toward $2,880-$2,860 is possible before resuming the uptrend.Final Outlook:🚀 Overall Bias: Bullish🔸 Short-Term (H1): Watching for a breakout above $2,950 or a pullback to $2,920-$2,900.🔸 Long-Term (D1): If gold holds above $2,880-$2,860, the uptrend remains strong with a potential rally to $3,000-$3,100 in the next few weeks.💡 Strategy:✅ For traders looking to buy: Enter on dips near $2,900-$2,920 with a stop below $2,880.✅ For breakout traders: Look for confirmation above $2,950-$2,960 for a push toward $3,000.📊 Gold remains in a strong uptrend. As long as support holds, the bullish momentum is intact! 🚀