Technical analysis by Saeed966 about Symbol PAXG: Buy recommendation (4/17/2025)

Here is the technical analysis of the gold/US dollar (XAU/USD) pair on the daily timeframe for today, April 18, 2025, identifying key support and resistance levels based on the latest available data: ⸻ 🔹 Current Price: The price of gold reached an all-time high of $3,357.40 per ounce, driven by growing concerns about tariffs, which Federal Reserve Chairman Jerome Powell described as "much larger" than expected, leading to slower economic growth and higher inflation. ⸻ 📊 Technical Analysis (Daily Timeframe): • Overall trend: Upward, with higher highs and lows, indicating continued positive momentum. • Moving Averages: The price is trading above all major moving averages, including the 20-day simple moving average at $3,114.60, supporting the uptrend. • Relative Strength Index (RSI): The RSI remains in the overbought zone, which could indicate a potential short-term price correction. ⸻ 🔻 Key Support Levels: 1. $3,317.20 – Immediate support reflecting a previous high. 2. $3,305.65 – Medium-term support. 3. $3,292.80 – Additional support reflecting a previous consolidation zone. ⸻ 🔺 Key Resistance Levels: 1. $3,335.00 – Current resistance that was recently tested. 2. $3,350.00 – Important psychological resistance level. 3. $3,375.00 – Potential resistance if the upward momentum continues. ⸻ ⚠️ Additional Notes: • Technical indicators are showing overbought signals, which could lead to a short-term price correction. • In the event of a correction, the above-mentioned support levels may be potential entry points for investors. • Upward momentum remains intact, but it is advisable to closely monitor technical indicators to identify appropriate entry and exit points.