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

Gold has adjusted at a high level and is strongly resistant to declines. Gold bears have not put up any strong resistance. Gold bulls are now testing resistance at a high level and seeking a breakthrough. The hourly chart of gold is constantly seeking to accumulate momentum for a breakthrough, indicating that the upper resistance has begun to weaken. Then the probability of gold breaking through a new high again is very high. Gold rebounded to 2940 at the opening today and then fell back, but it did not change the trend of falling back to long positions. In the morning, it rebounded to the lowest level of 2923, which is more in line with the long entry point we gave at the weekend. In the morning, we also gave long orders near 2924-25, and the long orders also perfectly reached the target position of 2935-40.Gold needs to make a technical retracement adjustment before it surges higher. This is also a structural demand. Of course, this is due to the firm confidence in the bullish trend. Recently, we have always taken bullishness as an important goal. Only when it retracements can we give everyone an opportunity to enter the market. At the same time, we also warn you not to chase high prices. After all, the risk of chasing high prices is very high.From the current 4-hour analysis, the support below continues to focus on 2930-28, and the short-term pressure above focuses on the 2950-55 line. The overall main tone of continuing to rely on low-long participation remains unchanged. In the middle position, watch more and do less, and be cautious in chasing ordersGold falls back to 2928-30, buy long positions, fall back to 2920-25, add long positions, stop loss at 2814, target at 2940-2945, break to 2955-60;