Technical analysis by Zayn_Muaath about Symbol PAXG on 4/29/2025

As of April 29, 2025, the XAU/USD (gold) market remains highly volatile, influenced by geopolitical tensions, economic uncertainty, and central bank policies. Here’s an overview of the current outlook and potential next moves for gold prices:📈 Current Market Overview • Record Highs: Gold prices recently reached a record high of nearly $3,500 per ounce, driven by concerns over U.S.-China trade tensions, inflation, and geopolitical instability. • Recent Pullback: Following the peak, gold experienced a slight retreat, trading around $3,350 per ounce. This pullback is attributed to easing trade tensions and reassurances from U.S. President Trump regarding Federal Reserve Chair Jerome Powell. 🔮 Forecast and Key Levels•Short-Term Support Levels: Analysts have identified key support levels at $3,145, $2,955, and $2,790, based on historical highs and Fibonacci retracement levels. •Resistance and Profit-Taking: The $3,500 region is seen as a potential profit-taking point if gold mounts a recovery. •Long-Term Outlook: JP Morgan forecasts that gold prices will surpass $4,000 per ounce by Q2 2026, driven by heightened recession risks amid escalating U.S. tariffs and a prolonged U.S.-China trade conflict. Goldman Sachs also revised its 2025 year-end gold price forecast to $3,700/oz, noting that in extreme scenarios, gold could approach $4,500/oz. ⚠️ Risks and Considerations•Potential Decline: Morningstar analyst Jon Mills predicts a 38% decline in gold prices over the next five years, potentially falling to $1,820 per ounce, due to increased gold production and waning interest from central banks and investors. •Market Volatility: Gold’s status as a safe-haven asset makes it susceptible to sharp price swings in response to economic data releases, central bank decisions, and geopolitical developments.For more updates follow my profile and share your thoughts.