Technical analysis by mehdi3663digital about Symbol PAXG on 8/23/2024

GOLD is eagerly awaiting the upcoming speech from Powell, which is sure to have a significant impact on the markets. Overall, the price has bounced back from the area I highlighted in my weekly forecast. Currently, it is trading around the psychological level of 2500, and there is potential for it to push upward toward the next resistance level at 2565. With that said, I anticipate volatility in the market, which could lead to breakouts from the previous day's highs or lows. If Powell hints at a future rate cut, I believe we could easily reach 2550. My target is resistance zone around 2545.00If the price can stabilize above the red descending rune line, it will move towards the previous ceiling at 2530 and then move towards 2565.In case of correction, it can retreat to its upward trend line at 2480 or have a deep correction until 2469 and 2455.