Technical analysis by FXNEWSCLUB about Symbol PAXG: Buy recommendation (5/6/2025)

Gold (XAUUSD) Analysis – May 6, 2025📈 Technical Outlook: Gold Eyes $3,418 as Bullish Channel HoldsGold continues to trade within a rising channel on the 30-minute chart, with price currently near the mid-range around $3,373.Two likely scenarios:Bullish breakout toward $3,418 if minor resistance fails.Or a healthy pullback to $3,360–$3,345 support zone before resuming upward.Support levels: $3,370 (minor), $3,345 (strong).Resistance: $3,418, a key decision zone at the channel top.Short-term bias: Bullish, unless the price breaks and closes below $3,345.🔍 Headline: “Gold Holds Above Key Support, Eyes Fresh Highs Toward $3,418 Within Bullish Channel”🌍 Fundamental Outlook: Gold Supported by Fed Dovishness & Geopolitical TensionsFed Policy Watch: Traders anticipate potential rate cuts later in 2025. Any dovish commentary this week will boost gold.U.S. Dollar Pressure: A softening dollar adds tailwind to gold prices.Bond Yields: Moderating U.S. Treasury yields reduce gold’s opportunity cost.Safe Haven Demand: Ongoing tensions in Ukraine, Middle East, and uncertainty in global equities maintain demand for gold.Central Bank Buying: Continued accumulation by central banks (e.g., China) lends structural support.