Technical analysis by PhoebeBryce about Symbol PAXG on 5/5/2025

Gold 4-hour chart shows a WXY correction pattern, a classic double zigzag (W)-(X)-(Y) correction pattern formed after a strong impulsive move.Wave (W) has peaked, marking the end of the first round of correction.Wave (X) has corrected deeply to the 0.5 Fibonacci retracement level and formed a potential higher low in the demand area.Now, wave (Y) is expected to appear, which is usually the same or slightly longer than wave (W), but more corrective.Target 1: 3291.258Target 2: 3371.405Stop loss: 3224.795Trading activeTrading active