Technical analysis by KevinSterling about Symbol PAXG: Buy recommendation (3/20/2025)

XAUUSD forming a correction after exiting the descending channel. The technical situation is confusing and complex. The focus is on the important support level at 3004. The price movement depends on the fundamental data...The main concern revolves around uncertainty regarding President Trump's tax plan announcement scheduled for next week.Markets are closely monitoring US personal consumption expenditure data, set for release on Friday, to gain insights into the Fed's next policy moves. Theoretically, the likelihood of interest rate cuts appears to be diminishing slightly, and this remains genuinely bullish for inflation hedge assets like gold.In other developments, the US has agreed to a partial maritime ceasefire between Russia and Ukraine.Technically speaking, the situation is straightforward in that everything depends on the current channel's resistance. A breakout and consolidation above 3025 will trigger growth. A consolidation from the channel resistance level will cause continued decline to both 3004 and 2980.Based on the current environment, I can conclude that gold will attempt to strengthen once again, as we have technical support: strong bullish trend, strong 3004 level, and a series of rising local lows.A failed breakout attempt would be misleading, and in this case, price consolidation below 3017 will trigger a decline to 3004.Latest idea about gold today: