Technical analysis by hadi_a_hobballah about Symbol PAXG on 7/28/2024

Current Market Status:Current Price: $2,386.61Time Frame: 30-minute chartTrend: Currently in a short-term uptrend but showing signs of potential correction.Chart Pattern and Projections:Pattern Formation: The chart indicates an Elliott Wave formation, projecting a potential ABC correction.Wave (A): The initial downward movement seen recently.Wave (B): The current upward correction, likely reaching the 0.382 or 0.5 Fibonacci levels of the first wave. However, the corrective sub-wave (B) within Wave (B) is likely to reach the 61% Fibonacci level, which aligns with the order block.Wave (C): Expected downward move towards the last order block and potentially breaking it down to complete Wave (C), potentially reaching $2,348.57 or lower.Fibonacci Retracement Levels:0.382: $2,376.320.5: $2,371.880.618: $2,367.44 (Key confluence with order block)0.786: $2,361.12Key Support and Resistance Levels:Support Levels:$2,371.88 (Fibonacci 0.5)$2,367.44 (Fibonacci 0.618)$2,361.12 (Fibonacci 0.786)$2,348.57 (Major support level)Resistance Levels:$2,388.89 (Immediate resistance)$2,421.40 (Next significant resistance)Volume Analysis:Volume remains consistent, with noticeable increases during significant price movements, indicating high trader interest at these levels.Summary:Gold (XAU/USD) is currently in a potential Elliott Wave correction phase. The price is in an upward retracement (Wave B) but may face resistance at key Fibonacci levels before continuing the downward trend (Wave C). Traders should watch for confirmation at these levels and manage their positions accordingly.Stay tuned for further updates and always consider additional fundamental factors and current market news to complement this technical analysis. Happy trading!We purchased at 50% for $2,371.88 and closed at $2,400. The next downside must be reevaluated due to geopolitical problems."