Technical analysis by ElliottWaveFxMajors about Symbol PAXG: Buy recommendation (3/19/2025)

Gold continues its impulsive rally, currently completing what appears to be the final leg of wave ⑤ within an ascending channel. This aligns with the larger Elliott Wave count we've been tracking.Key points to consider:Wave Structure: We can observe the completion of five internal waves within wave ⑤, with price now at critical resistance levels near the 2.618 Fibonacci extension ($3,065.338).Bearish RSI Divergence: While price has continued to climb, RSI has started to show signs of bearish divergence, signalling weakening momentum and a potential reversal.Support Levels: Should a correction materialize, the next key areas to watch are the 0.236 ($3,025.340) and 0.382 ($2,997.608) Fibonacci retracement levels, which align with the lower trendline of the ascending channels.Wave ⑤ may be nearing exhaustion, with both the Fibonacci extension and bearish divergence suggesting caution for longs. We could see a retracement to support zones if price reverses.