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.