Technical analysis by rezaabdollahjahani about Symbol PAXG on 3/14/2025

The price of gold in the XAU/USD chart has been in an uptrend, forming waves 1, 2, 3, 4, and 5. Currently, we are within the larger wave 5, where three main sub-waves have already formed, and we are now waiting for the formation of the corrective wave 4 within wave 5.Based on price action and classical patterns, corrective wave 4 may take one of the following forms:A shallow and quick correction (Zigzag or short Flat) if the bullish trend remains strong.A deeper correction (Extended Flat or Triangle) if the market requires a longer consolidation phase.Key Fibonacci retracement levels, such as 38.2% and 50% of wave 3, could act as potential support zones.Once wave 4 is completed, we expect wave 5 to continue the uptrend, potentially leading to a new high in gold prices. This scenario can be confirmed by analyzing trading volume and technical indicators such as RSI and MACD.