Technical analysis by RonPeter_Trading about Symbol PAXG on 3/12/2025

The gold price formed a "double top" pattern at the previous high, and broke through the range under pressure, and then entered the downward channel. The downward break of the channel caused the price to continue to fall, and rebounded after receiving support near the key support area.Current trend analysis:Adjustment range: The current gold price is running in the 2890-2930 range, which forms a certain shock consolidation trend.Technical structure: The price rebounded after touching the lower edge of the range, broke through the downward channel, and entered the sideways adjustment stage.MACD indicator: This indicator shows that the bullish force is increasing, the red kinetic energy column is gradually increasing, and the fast line and the slow line are glued together. If a golden cross is formed, it may further confirm the upward momentum.Short-term outlook:From the technical form, the gold price has now broken through the upper edge of the shock range and is expected to continue the rebound trend. The short-term target focuses on the 2930-2950 area. If the price stabilizes at 2930, it may further rise to around 2956.Strategic recommendations:Bull ideas: If the price falls back to the 2900-2910 area, consider buying low, with a stop loss below 2890 and a target of 2930-2950.Short ideas: If the price is under pressure in the 2930-2950 area, consider shorting, with a target of 2900 and a stop loss above 2960.Risk warning:The current market is greatly affected by macroeconomic data and the Fed's policies. It is necessary to pay close attention to the release of the US dollar index and important economic data to prevent volatility risks caused by sudden market conditions.🔔 Welcome to follow, like and leave a message to discuss the subsequent trend of gold!