Technical analysis by MrHenryFx about Symbol PAXG: Buy recommendation (3/21/2025)

Gold (XAU/USD) on a daily (1D) timeframe as of March 21, 2025. Here’s an analysis:Key Observations:1. Current Gold Price:The price is at $3,013.94 per ounce, reflecting a 1% decline (-30.47) from the previous trading session.2. Price Forecast:Citi has revised its 3-month price target for gold to $3,200 per ounce (as indicated in the news overlay).3. Trend Analysis:The chart shows recent bullish momentum, as price action has been increasing.The background image and white arrow suggest expectations of further upward movement.4. Support & Resistance Levels:The chart marks key psychological levels: $2,600, $2,800, $3,000, and the $3,200 target.Resistance is likely around the $3,200 level, while support may be near $2,800.Conclusion & Implications:Bullish Sentiment:Citi’s revised price target suggests institutional confidence in further gold appreciation.Investors may anticipate higher demand or economic conditions favoring gold.Risk Factors:Despite the bullish outlook, short-term fluctuations could occur.The 1% decline in the current session indicates potential volatility.This title captures the key insights from the chart:1. "Gold Surges Toward $3,200" – Highlights the ongoing bullish trend in gold prices and Citi’s optimistic outlook.2. "Citi Raises Price Target" – Emphasizes the major news event that Citi has updated its forecast.3. "Amid Bullish Momentum" – Acknowledges the strong upward trend seen in the chart, reinforcing investor sentiment.