Technical analysis by RonPeter_Trading about Symbol PAXG: Buy recommendation (3/9/2025)

Currently, gold is fluctuating around $2,900, and the overall trend remains bullish. The 4-hour chart shows that after a round of correction, the price stabilized above the trend line and tried to break through the short-term downward trend line to form a bullish structure. The current market focus is on whether the price can effectively break through $2,926 (0.236 Fibonacci retracement level) and stabilize to further open up the upside.The price rebounded after pulling back to the rising trend line and gradually narrowed the range to form an ascending triangle pattern. The lower trend line has obvious support, and the bulls have shown strong buying power in the $2,880 area, preventing the price from falling further.If the price successfully breaks through the resistance of $2,926 and stands above it, the short-term target will point to the previous high of $2,955, and may even challenge the $3,000 integer mark.Fibonacci retracement and key levelsKey support levels: $2881 (0.618 retracement) and $2790 (previous structural support). If the price loses this area, it may trigger a deeper adjustment, with the target pointing to $2755 (1.618 extension).Key resistance levels: $2926 (0.236 retracement) and $2955 (previous high). If it breaks through, gold will enter an accelerated rise phase.The descending wedge structure formed recently has been broken, and the bullish momentum has increased.The price is testing the upper track of the triangle. If it breaks through effectively, it is expected to continue the rise. Gold may briefly step back to confirm support and then hit higher targets again.Conclusion and trading strategyShort-term strategy: Pay attention to the breakthrough of the $2926 resistance. If it successfully breaks through and stabilizes, you can consider going long with the trend, with the target looking at $2955 or even $3000.Pullback buying strategy: If the price fails to break through, you can look for buying opportunities near $2,880, and set the stop loss below $2,850 to cope with potential pullback risks.Risk control: The short-term bullish trend is still dominant, but we need to be wary of the impact of changes in the Fed's policy and market risk aversion. If the price falls below the trend line, we need to re-evaluate the market direction.Overall, the gold price is currently at a critical point of breaking through, and the short-term trend is biased towards bulls. Investors should pay close attention to the breakthrough of key resistance levels to determine subsequent trading strategies.