Technical analysis by elitetrader9090 about Symbol PAXG on 3/21/2025

Gold (XAU/USD) H1 Chart Analysis with D1 Doji Candlestick Insight1. **Resistance Zone ($3,050 - $3,060)** - Gold is currently testing a **resistance level** around $3,050. - A clear **break and hold above this level** could push prices towards $3,070 or higher. 2. **Support Levels to Watch:** - **Immediate support:** $3,040 (near 21 EMA) - **Stronger support zone:** $3,030 (highlighted in red on the chart) - **Major support level:** $3,020 (Key demand area) 3. **Doji Candlestick on D1 Indicates Possible Pullback** - Yesterday’s **Doji candle on the daily timeframe (D1)** signals **market indecision** and a possible **retracement** before a continuation. - If today's session follows with a bearish close, Gold may **reject the resistance zone** and fall towards the **$3,030 - $3,020 support area**. 4. **Bullish & Bearish Scenarios:** - **Bullish:** If price breaks **above $3,050** and holds, we could see a rally towards **$3,070 - $3,080**. - **Bearish:** Failure to hold above **$3,050** and a break below **$3,040-$3,030** could confirm the Doji signal, leading to a deeper correction.https://www.tradingview.com/x/FpJTxBWu/Analysis highlights a bearish movement in gold (XAU/USD) after breaking a key support level. see*1. Bearish Move Confirmed:*- Gold dropped **100 pips** from **3043 to 3030**, indicating a strong selling pressure. - This confirms a bearish trend is in play. *2. Support Level Broken:*- **3040 was acting as support**, meaning buyers were previously defending this level. - Once price broke below **3040**, selling momentum increased, triggering a short trade. *3. Trade Execution & Profit Strategy:*- **Entry:** After support broke, a sell trade was activated. - **Profit Taking:** Price hit 3030, meaning traders have already gained 100 pips. - **Next Steps:** Secure partial profits and **hold the remaining position** for potential further downside. *Key Takeaway:*The breakdown of support at 3040 led to a quick drop, offering a great short opportunity. Now, traders should manage their positions—either taking profit or holding for more downside depending on risk appetite.