Technical analysis by MARK_STEVAN about Symbol PAXG: Buy recommendation (3/10/2025)

This chart represents the price movement of Gold (XAU/USD) on a 1-hour timeframe, with key technical levels and a potential price movement scenario.Analysis:1. Resistance Level:The chart highlights a resistance level around the 2,929 price zone, marked by a purple horizontal line.The price has struggled to break above this level multiple times, indicating strong selling pressure.2. Support Level:A support level is identified near 2,895, shown with a white horizontal line.The price has bounced off this level in previous instances, suggesting strong buying interest.3. Potential Price Movement:The projection suggests that the price may first attempt to break above the resistance level.If it fails to sustain above resistance, it could lead to a reversal and a decline toward the support zone.If the support level holds, a rebound may occur.Conclusion:This setup indicates a range-bound market, where traders might look for sell opportunities near resistance and buy opportunities at support until a breakout occurs in either direction. A decisive breakout above resistance or below support would determine the next trend direction.Hold buy