Technical analysis by KevinSterling about Symbol PAXG: Buy recommendation (3/17/2025)

Gold prices are currently consolidating within the $2,981 - $2,993 range. Despite recent strong gains, there are no clear reversal signals, and the ongoing consolidation near the upper boundary of the channel suggests a high probability of continued bullish momentum.Although gold remains below its all-time high of $3,005, it is well-supported by several macroeconomic and geopolitical factors. Trade war concerns, escalating geopolitical tensions, and expectations of further Federal Reserve policy easing are all contributing to sustained demand for safe-haven assets. In particular, the escalating conflict between the U.S. and Yemen, rising tensions in Gaza, and potential negotiations between Trump and Putin are adding further bullish catalysts. Additionally, China’s stimulus measures continue to provide support to commodity markets, including gold.Looking ahead, the upcoming U.S. retail sales data could influence the dollar’s trajectory and introduce further volatility in gold prices. However, investors are likely to remain cautious ahead of the Federal Reserve’s upcoming policy meeting, which could set the tone for the next major move.Key Technical LevelsResistance: $2,993, $3,008Support: $2,891, $2,956Given the ongoing consolidation in a broader uptrend, traders may consider two potential scenarios:1)Breakout Confirmation: A break above $2,993, followed by consolidation, could signal further upside continuation toward new highs.2)Liquidity Grab & Rebound: A potential false breakdown below $2,981, followed by renewed bullish momentum, could offer a buying opportunity for further upside.Best regards, KevinSterling.