Technical analysis by Fx_PLAYER23 about Symbol PAXG: Buy recommendation (3/10/2025)

This is a 1-hour candlestick chart of Gold Spot (XAU/USD) against the U.S. Dollar from TradingView:Key Observations:Descending Channel Breakout AttemptThe price was moving within a descending channel (highlighted in green).The lower boundary of the channel was recently breached, leading to a sharp downward move.The price reacted strongly to a key support zone (blue horizontal line) and rebounded.Bullish Reversal Pattern (Double Bottom)The sharp dip and immediate bounce suggest a potential double-bottom formation, a bullish reversal pattern.The blue arrow points to the expected reversal zone.Potential Upside TargetIf the price holds above the support and confirms the breakout, the next target is $2,930 - $2,940 (previous resistance level).The chart suggests a possible V-shaped recovery, as shown by the projected blue trendline.Risk Management (Stop-Loss & Take-Profit)Entry: Around the breakout area ($2,887).Stop-Loss: Below the recent low (~$2,870).Take-Profit: Near previous resistance (~$2,930).Volume ConfirmationA spike in volume at the bottom suggests strong buying interest, supporting the potential bullish reversal.Conclusion:A bullish move is anticipated if the price holds above support and breaks out of the descending channel.Traders should monitor confirmation signals, such as increased volume and bullish candlestick patterns, before entering long positions.Descending Channel Breakout: Price was moving within a downward-sloping channel but recently broke below and rebounded. Bullish Reversal Signal: A potential double-bottom formation suggests a reversal. Key Support Level: Price reacted positively near $2,880 and bounced back. Target Price: Possible move toward $2,930 - $2,940 if the breakout holds. Stop-Loss & Risk Management: Stop-loss below $2,870 to manage downside risk. Volume Confirmation: Increased buying volume supports the bullish reversal scenario.boom boom boom target hit 440pips gat Entry: Around the breakout area ($2,887). Take-Profit: Near previous resistance (~$2,935).