Technical analysis by Crazytrader00011 about Symbol PAXG: Buy recommendation (2/23/2025)

Market news:Spot gold fell sharply at the opening in the Asian session on Monday (February 24), and is currently trading around $2,926/ounce. London gold prices fluctuated at high levels last Friday as investors took profits after setting a record high. Gold prices fell to around $2,916 during trading last Friday, but US President Trump's tariff plan still attracted bargain hunting and safe-haven buying, with a weekly increase of about 1.85%, the eighth consecutive week of gains. Surveys show that most institutions and retail investors still tend to be bullish on the future of gold. The volatility of the international gold investment market is increasing, and gold prices have set new records in succession. Despite the increasing risks, the bullish trend is hard to ignore. The gold market has entered an unprecedented winning streak. Not only have all the past eight weeks shown positive growth, but they have also set a record high. This is the longest weekly rise cycle since the price of gold first broke through $2,000/ounce in mid-2000. Given that the market believes that Trump's policies will stimulate inflation, investors are also watching the Fed's interest rate trajectory for clues. Rising inflation could force the Fed to keep interest rates high, reducing the appeal of non-yielding gold! This week's economic news calendar starts a little earlier than usual, as market participants will be closely watching the impact of the results of Sunday's German parliamentary elections. In addition, investors also need to pay attention to further news on the situation in Russia and Ukraine and the US-Russia negotiations.Technical review:Gold has 8 consecutive positive weekly lines. According to the time cycle calculation, it has reached the critical time window. In general, 7-9 consecutive positive lines in the upward trend are regarded as a turning point in the medium and short cycle (time window for market change). Therefore, the upward control time of this round of bullish trend is gradually compressed. Entering the end, the daily chart price maintains the previous high and adjusts below. The price has formed a wide range of high-level fluctuations for three consecutive trading days, and the yin and yang lines are closed alternately! At present, the MA10/7-day moving average is shrinking, and the RSI indicator is running above the high 70 value. Be careful of the high and fall of the medium. The Bollinger band of the short-term four-hour chart closes to the upper track 2950 and the lower track 2924. The current price is adjusted at the middle track 2937, and the moving average sticks to the RS1 indicator at the middle axis 50. Trading ideas for gold at the beginning of the week rebound high (pay attention to the opportunity of band layout), low multi-assist short-term ideas.Today's interpretation: Last week, the price of gold hit a record high of $2,955 before falling back. The weekly line closed with an upper shadow positive line, indicating that the selling pressure at high levels has increased, but the overall trend is still bullish. After eight consecutive weeks of rising, the market has a need for technical correction. The daily line closed with a cross line for three consecutive trading days. The continuous cross star consolidation shows that the long and short forces are evenly matched, the market has entered a high consolidation, and the MACD dead cross has a need for a correction! Is it time for space, waiting for further strong breakouts, or brewing a wave of downward corrections? The key to everything still lies in the 10-day moving average. As long as this is still effectively held, continue to follow the trend and be bullish. If it fails, it will open up downward space. This week, continue to pay attention to the breakout of the 2916-2955 range, and follow up after the break. The strength and weakness of Monday this week is the key point for the long and short choices of gold. If gold continues to break upward steadily on Monday, then gold is now showing the form of refueling in the air. If it goes down, gold may be the beginning of a change. The key to gold this week is still at 2955. If gold does not break through 2955 this week, we can still go high first. Gold will first fluctuate in a large range between 2916 and 2955, and then choose a direction.Operation ideas:Short-term gold 2913-2916 long, stop loss 2909, target 2940-2950;Short-term gold 2947-2950 short, stop loss 2959, target 2920-2910;Key points:First support level: 2915, second support level: 2908, third support level: 2893First resistance level: 2933, second resistance level: 2946, third resistance level: 2955The market volatility last week was huge. If you lost a lot of money today, don't worry. I can help you make it back. If you need my help, please contact me.