Technical analysis by mykvmykv about Symbol PAXG: Buy recommendation (3/3/2025)

Gold fell from 2956 to 2832, and the decline reached 124 US dollars. Is it a trend turning bearish or a bull correction? There are three main reasons for the decline of gold in this round:First, technical correction. Since the rise from 2583 to 2956, there has been basically no significant correction. The price deviates too far from the moving average, and there is a need for correction.Second: Long positions continue to make profits during this rise, and the high position is closed and fled, resulting in a continuous decline.Third: The Russian-Ukrainian conflict has ushered in the dawn of peace. After Trump took office, he continued to contact Russia to discuss the armistice plan, and the risk aversion sentiment has cooled down.However, the current decline in gold is only temporary, and the medium- and long-term trend is still bullish. Focus on the 382 support level 2813, which is the watershed of the entire bull market. If it breaks, the trend will turn bearish. Maybe it will not rise directly and return to a strong bull market, but will first consolidate sideways and accumulate momentum before rising. The market is not only bullish and bearish, but also volatile.Therefore, don’t think that 4,000 or 5,000 is not a dream when it goes up, and don’t think about 2,700 or even 2,600 when it goes down. You have to eat one bite at a time and take the market step by step. Look at it rationally.The three consecutive negative declines on the daily line touched the 30-day moving average, and the lower shadow line just pierced it, and finally closed above it, which means that there is a certain support. From a technical point of view, continuous retracement corrections are generally three trading days, and the probability of turning positive later is very high, so it is not appropriate to continue to be bearish at the beginning of next week.For gold on Monday, we will first look at the rebound, focusing on the pressure of 2865. If it breaks, the rebound will continue, and the upper side will further look at around 2885. The lower support is 2844-2845, and the watershed is 2838. If we look at this position, we cannot break it. If the low point is broken, it may not be maintained, and there will be a new low.In terms of trading, we expect gold to continue to fall on Friday, and we emphasize that the strong support at 2834-2835 can be seen to rebound. Whether the market rebounds here, the overall trend is basically in line with expectations. There were not many good opportunities in trading during the day. In the evening, I went short at 2862 and took profit at 2850, making 12 US dollars. I went long at 2835 and took profit at 2850, making 15 US dollars. Both long and short orders were fully cashed out, and I earned 27 US dollars, which was a perfect ending.You are looking for a teacher who can lead you to make money steadily. I am not only a mentor, but also a friend worth making in your life. Like-minded people are welcome to come and have a long talk! You are looking at the profit of 100 times leverage, while I am considering the risk of the abyss. Ideas determine the way out. Different perspectives on the market determine that you will take risks for profits, while I will let go of a single profit to avoid risks. My team has developed a complete set of profit and return plans, waiting for you to participate, to escort every penny of your profit. I have a professional team here, and every suggestion is analyzed by multiple analysts. Our sense of responsibility for work, customer operation, and analysis are always with us.