Technical analysis by zubairmalik about Symbol PAXG on 3/7/2025

Current Market StructureThe chart illustrates a completed five-wave impulse (labeled in blue and red), indicating the end of a bullish cycle.A corrective W-X-Y pattern is developing, with price action currently in the X wave phase.A potential retracement towards the 2,882 – 2,877 support zone (50% retracement level) is expected before a strong upward move.Trading OutlookBullish Scenario: If price reacts positively near the 2,877 – 2,882 support area, it could trigger a rally towards 2,950 and beyond.Bearish Risk: If the correction extends beyond 2,855, further downside may unfold.ConclusionGold remains in a corrective phase, but the Elliott Wave structure suggests an upcoming bullish move. Traders should monitor key support levels and price reactions before making entries.