Technical analysis by Zhu-Buffett about Symbol PAXG: Buy recommendation (3/10/2025)

Market news:Spot gold fluctuated in a narrow range in early Asian trading on Monday (March 10), and is currently trading around $2,913/ounce. London gold prices have fluctuated at high levels for three consecutive trading days, but they still rose 1.85% on a weekly basis, helped by safe-haven inflows and the U.S. employment report showing lower-than-expected job growth in February, suggesting that the Federal Reserve is expected to cut interest rates this year. In addition, the volatile tariff policy of U.S. President Trump has also increased uncertainty.Federal Reserve Chairman Powell said earlier on Friday that the Fed will be cautious about easing monetary policy, adding that the economy is "still in good shape." U.S. real yields, which are negatively correlated with international gold prices, rose 3.5 basis points to 1.981%, which is a negative factor for international gold.The easing of geopolitical tensions also limited the rise in gold prices, and some progress has been made in a possible ceasefire agreement between Ukraine and Russia. In the Middle East, U.S. President Trump continues to pressure Hamas to release hostages. Meanwhile, according to data from the World Gold Council, the People's Bank of China continues to buy gold. The People's Bank of China increased its gold holdings by 10 tons in the first two months of 2025. However, the largest buyer was the Polish central bank, which added 29 tons of gold reserves, the largest purchase since it bought 95 tons of gold in June 2019. Overall, the rise in gold prices last week once again highlighted its importance as a safe-haven asset. Although the market may face consolidation in the short term, geopolitical risks, inflation concerns and uncertainty about the Federal Reserve's policies will continue to support gold demand. The market's focus is on the upcoming Federal Reserve meeting. In addition, inflation reports and retail sales data will also provide more clues to the market.Technical Review:Gold maintains a long-short cycle and operates in a wide range of oscillations. The weekly chart continues to operate in an upward trend structure, and the price retreats above the MA7-day moving average to close with a small positive. The daily chart continues to close with a negative cross line. Gold rose sharply above the 2930 mark in the late trading and then formed a high-rise decline, continuing to maintain a high-level wide-range oscillation and a non-continuation of the market consolidation stage. At present, the MA10/7-day moving average of the daily chart is at the 2902 line for adhesion adjustment, and the Bollinger Bands are gradually shrinking, with the upper track at 2956 and the lower track at 2867. In the early trading, the gold price is at the Bollinger Band middle track price at 2912. The short-term four-hour chart also has a continuous closing of the upper track at 2927 and the lower track at 2900. The RSI indicator is in the middle axis 50 value consolidation, and the K-line pattern is alternating between long and short cycles. The trading at the beginning of the week maintains a wide range of oscillations. There are opportunities for short-term participation in the layout of high-altitude and low-long. Pay attention to the 2890/2930 range oscillation during the day.Today's analysis:The gold market remains volatile, and there is still no tendency to break through the high and low points. Even when the non-agricultural data and unemployment rate were both bullish last Friday, gold only rebounded by more than ten US dollars, and then quickly fell to the bottom support line near 2895! The performance of the data market in recent months is basically the same, which also shows that the current gold market is seriously decoupled from the data. Only the interest rate decision can slightly change the direction of the market! Faced with the current trend of gold, we can only continue to see volatility!In the morning, the gold price continued the rebound trend of the non-agricultural market. There are only two operating points in the morning. One is to wait for the gold price to continue to attack and reach the pressure near the 2930 range to short, and the other is to wait for the gold price to adjust in the morning and reach the 2900 range to go long. However, the rebound is expected to reach the upper 2930 pressure first, which can give us more opportunities to go short than to go long. At present, the gold price is at the middle level of the range, so we should wait and see!Operation ideas:Short-term gold 2903-2905 buy, stop loss 2894, target 2920-2930;Short-term gold 2929-2931 sell, stop loss 2940, target 2900-2890;Key points:First support level: 2903, second support level: 2892, third support level: 2882First resistance level: 2920, second resistance level: 2928, third resistance level: 2940