Technical analysis by Mia_Gold about Symbol PAXG on 4/19/2025
The gold market was closed on Friday (April 18). Spot gold fell slightly by 0.48% to close at $3,327.04 after hitting a record high of $3,357.66 per ounce on Thursday, but it still rose by more than 2% this week, maintaining a strong overall pattern. The pullback was mainly due to some investors choosing to take profits before the holiday, but the market generally believes that global economic uncertainty will continue to support the safe-haven demand for gold, and any sharp pullback may attract medium- and long-term buying.Technical analysis:From the daily level, gold prices have been running in an upward channel since the beginning of this year, with MA55 and MA200 moving averages in a bullish arrangement, and the medium-term trend is stable. However, RSI (14) previously hit the overbought area of 72.46, and the risk of short-term adjustments has increased. On Thursday, gold prices fell after hitting a record high, but bottomed out near $3,280 and rebounded, and are currently stable above the psychological level of $3,300. The key support is $3,250 (MA55 moving average position). If this level is maintained, the upward trend will continue; on the contrary, if $3,300 is lost, it may further test the $3,250 support.Short-term outlook:The gold price may enter the $3,250-3,357 range for consolidation. $3,357 is the short-term long resistance level. After breaking through, it will challenge the $3,400 target. $3,300 is the dividing line between long and short. If it holds steady, it is expected to test the high again; if it falls below, it is necessary to pay attention to the support strength of $3,250. Overall, the medium- and long-term upward structure of gold has not been damaged, and the short-term correction is only a technical correction. It is recommended to follow the trend and buy at lows.
