Technical analysis by TraderAceAcademy about Symbol PAXG: Buy recommendation (2/24/2025)

Trend Analysis: •Gold is moving within a well-defined ascending channel (highlighted in yellow). •The price has maintained higher highs and higher lows, confirming the bullish trend. Key Levels: •Resistance Zone: •2,950 region – Price is currently testing this level. •3,034.558 – Major resistance level, potential target if price breaks above the current zone. •Support Zones: •2,942 - 2,944 (Immediate support) – A minor retracement area. •2,920 region – Strong demand zone where price previously bounced. Market Structure & Price Action: •Short-term: The price is consolidating near resistance, showing signs of accumulation or potential breakout. •Breakout Scenario: If Gold breaks and holds above 2,950, it could rally toward 3,000+ levels. •Rejection Scenario: Failure to break could lead to a pullback toward the 2,920 support. Conclusion: Gold remains bullish within the channel. A confirmed breakout above 2,950 could trigger further upside, while rejection may lead to a short-term pullback. Monitoring price action at key levels is crucial for the next move.