Technical analysis by TrategySherpa about Symbol PAXG on 9/6/2024

A report showing a weakening U.S. labor market on Friday could help the Fed determine whether to cut interest rates by 25 or 50 basis points at its next meeting. Lower interest rates would weaken the dollar but significantly increase the appeal of non-yielding assets such as gold. Gold prices have risen more than 20% this year, hitting a peak of $2,531.75 an ounce in August. Along with expectations of a Fed rate cut, gold has been supported by strong retail demand and safe-haven demand due to conflicts in the Middle East and Ukraine.SELL XAU 2521 - 2524 TP1: 2516 TP2: 2510 SL: 2530