Technical analysis by ProWolfTrader_89 about Symbol PAXG on 11/29/2024

Gold Spot (XAU/USD) Technical Analysis1. Key Levels and Zones:Resistance Zone (Gray Box):Gold is testing the resistance area near $2,650 after a prior fakeout breakout within this region.Support Levels:$2,649.85: Immediate support that could hold short-term price action.$2,637.81 - $2,636.77 (Yellow Zone): A key level of interest where buyers may step in.Demand Zone: Around $2,621 (marked in teal), a strong buying interest area from previous price reactions.2. Breakout or Reversal Scenarios:Bullish Case:A breakout above $2,650 will invalidate bearish pressure. This move could push prices higher toward $2,670-$2,700, signaling continuation of the uptrend.Bearish Case:A reversal below $2,650 suggests rejection from the resistance zone. If this happens:Price may revisit $2,637.81-$2,636.77 for a retest.Further downside could lead to a test of the $2,621 demand zone.3. Market Structure:BOS (Break of Structure):Multiple BOS points observed in both directions indicate a choppy market. The most recent BOS favors bullish momentum but remains vulnerable near resistance.Fakeout Breakout:The fakeout above $2,650 previously trapped buyers, leading to sharp selloffs.4. Trade Ideas:For Bulls:Wait for a clean breakout and retest above $2,650, confirming continuation. Target $2,670-$2,700.For Bears:Look for rejection signs below $2,650 or on a retest of $2,637.81-$2,636.77. Target downside towards $2,621.5. Key Observations:Volume or momentum confirmation is critical to avoid getting caught in another fakeout.This setup offers a balanced risk-reward for both bullish and bearish trades depending on breakout or reversal signals.