Technical analysis by Philip-Roth about Symbol PAXG on 7/4/2024

☘️ Basic analysis Gold prices reversed initial gains to trade cautiously above $2,350 on Thursday. Continued US dollar weakness coupled with stagnant US Treasury yields has kept gold prices restrained amid market weakness due to the 4th of July holiday in the US. Gold prices traded in a slight positive direction during early European trading hours on Thursday. The trading range for gold today is relatively narrow because today is a bank holiday. Traders also appear hesitant and prefer to wait for the release of monthly employment details from the US Non-Farm Payrolls report on Friday before deciding what to do next. A step in the direction. On the other hand, the downside for gold prices appears to have eased following firm expectations that the Fed will begin an interest rate cutting cycle later this year. Weaker US macroeconomic data released on Wednesday pointed to signs of weakness in the labor market and a weakening economy. Moreover, the latest Federal Open Market Committee meeting minutes showed that a majority of policymakers said that economic growth in the United States is gradually cooling. This sent US Treasury yields lower overnight and pulled the US dollar to a three-week low, which could support gold. Technical analysis of ☘️ From a technical perspective, the strong spread above the 2333 and 2344 resistance areas has pushed gold back to a three-week high around 2365. Daily oscillators are starting to gain positive traction. Favoring bull traders the broken resistance some follow through buying and sustained strength above the $2,385 area would reaffirm the potential for a return to the 2400 ring resistance. On the other hand, gold's ability to rotate has become less. The first major support area is the 2344 trigger zone. The next support level is located near the 2333 area, which if broken could leave gold prices vulnerable to further weakness below the most important mark (2319). Gold closing candles below the 2319 area is not allowed if you want to continue your uptrend. Support: 2350 -2344 -2333 -2320. Resistance: 2368 -2385 -2400 Selling price 2385 -2387 stoploss 2395 Buy price range 2345 -2343 stoploss 2340. Buy price range 2335-2333 stoploss 2330.