Technical analysis by NicoTradingMaster about Symbol PAXG on 10/10/2024

Gold prices also fell due to profit-taking pressure after the precious metal surged and set a record high at the end of last month. The price drop is inevitable, even if gold is in a long-term uptrend.Previously, gold was forecast to increase in price until at least mid-2025 following the US Federal Reserve's interest rate cut trend. The Fed began its interest rate cut cycle in mid-September and signaled that it would cut interest rates until 2026. This also means that pressure will be placed on the USD. Gold will benefit.However, the USD has recently turned around after a sharp decline. Investors are worried that the Fed will not continue to cut interest rates by 0.5 percentage points at its November meeting, but may only cut by 0.25 points when the US economy is still quite strong.BUY XAU 2613TP1: 2622TP2: 2630SL: 2605Hit FULl TP