Technical analysis by KevinSterling about Symbol PAXG: Buy recommendation (3/15/2025)

XAUUSD continuing the upward price trend, but locally, the movement is within a very narrow channel (wedge pattern). To build potential for the next move, prices may form a prolonged consolidation before or at the time of news releases...Fundamentally, gold remains an appreciating asset due to Fed rate cut forecasts and economic risks related to Trump's tariff policies. Gold reached new highs on Wednesday after the Fed reiterated plans for two rate cuts this year, raised inflation forecasts and worsened growth and employment estimates. Prices received additional support from escalating geopolitical tensions in the Middle East, with Israel announcing the resumption of ground operations in Gaza. Gold is forming a bullish market. Before further growth (ahead of news), prices may enter the liquidity zone (fvg, 3028, 3024), followed by continued increases. The dollar is in a local correction ahead of news, putting pressure on gold.Resistance levels: 3046, 3051, 3056Support levels: 3038, 3030, 3024Price is forming a retest of the wedge support level, increasing the likelihood of a breakout. If support doesn't hold, price could decline to the above support levels before rising further. However! If gold bounces from 3038 and consolidates above 3044, the upward momentum will continue without a deep retreat.