Technical analysis by mykvmykv about Symbol PAXG: Buy recommendation (2/25/2025)

Recently, bearish voices have gradually emerged in the market, and the main view is that gold cannot rise, so it must fall. However, we see that although the current price cannot rise, it cannot fall either, which is particularly evident at the hourly level. After each retracement, there is a rapid bottoming out and a long lower shadow, which shows that the support below is strong, which is a process of weakening the resistance sentiment of the bears and releasing the pressure of the bears. In the process of rising, there is a short-selling obstacle. As the price continues to rise, the resistance increases, and it is necessary to reduce the burden through selling pressure so that it can be lightly equipped in the future. Therefore, the current cross line and repeated high-level fluctuations should be regarded as corrections. This correction will not change the upward trend and the rhythm of the bull market, but is for a better rise. Since the daily chart did not close at the end of yesterday's trading, but closed with a large positive line, there is still room for upward rush today. In terms of the hourly chart, it is currently in an ascending wedge consolidation, with support below near 2930 and resistance above near 2962! In addition, the current 10-day moving average support is near 2924. Once it falls back here, don't hesitate, just buy it directly! ! ! On the whole, Xu Xin recommends that the short-term operation strategy for gold today is mainly to go long on pullbacks and short on rebounds. The short-term focus on the upper side is the 2956-2960 line of resistance, and the short-term focus on the lower side is the 2928-2930 line of support.