Technical analysis by Fx_PLAYER23 about Symbol PAXG: Buy recommendation (3/11/2025)

Analysis of the Gold (XAU/USD) ChartChart Type & Timeframe:The chart appears to be a 30-minute timeframe of Gold Spot (XAU/USD).It shows price action with support and resistance zones clearly marked.Key Technical Levels:Resistance Zones (Red Box):The price is approaching a major resistance zone around $2,928–$2,930.Fibonacci levels indicate retracement and extension zones, suggesting potential reversal or continuation points.Support Zones (Red Box Support):Strong support is around $2,905–$2,910.Multiple price rejections suggest a demand zone.Fibonacci Levels:The chart includes Fibonacci extensions (1.618, 2.618, 3.618, etc.).The 1.618 level ($2,926) is being tested, indicating potential resistance.The next possible extension levels (above $2,930) could be targeted if resistance is broken.Trend & Price Action:The recent price action is bullish, shown by a strong uptrend.A blue arrow projection suggests an expected upward continuation.If the price fails to break above resistance, a pullback to support may occur.Possible Trading Scenarios:Bullish Case: If price breaks and holds above $2,930, it could move towards new highs.Bearish Case: Rejection at resistance ($2,930) could lead to a retracement back to $2,915–$2,910.ConclusionTrend: Short-term bullish, but facing resistance.Key Levels to Watch:Breakout above $2,930 → Bullish continuation.Rejection → Possible retracement to $2,910–$2,905.Traders' Approach:Look for confirmation before entering a trade.Watch price action at support & resistance levels.v