Technical analysis by MARK_STEVAN about Symbol PAXG: Buy recommendation (3/5/2025)

This is a technical analysis of Gold (XAU/USD) on a 2-hour timeframe, showing a bullish market structure with an ascending channel in play.Key Observations:1. Uptrend Formation:The price is moving within a bullish channel marked by two parallel blue trendlines.Higher highs and higher lows confirm a steady uptrend.2. Support & Resistance Levels:The white horizontal support level around 2,905.926 suggests a key demand zone where price may bounce.The upper resistance zone near 2,961.754 is a key level to watch for potential take-profit or breakout opportunities.3. Projected Price Action:The white arrows indicate a possible short-term pullback toward the lower boundary of the channel before a continuation to the upside.A breakout above 2,961.754 could further strengthen the bullish trend, targeting higher levels.Conclusion:The trend is bullish, and traders may look for buying opportunities at pullbacks near the lower trendline or support zones.A break below the channel would indicate weakness, potentially leading to a bearish reversal.A strong breakout above 2,961.754 could drive prices toward new highs.Would you like any refinements or additional insights on this analysis?