Technical analysis by FOREXcom about Symbol PAXG on 5/6/2025

Gold is currently testing the 0.618 Fibonacci retracement of the drop from $3,500 to $3,200, located at the $3,380 level.A clear hold above 3390 could pave the way back toward $3,430 and the $3,500 resistance zone.•A breakout above $3,500 may extend the rally toward $3,700 and the $4,000 target zone.•On the downside, short-term support levels may be seen at $3,350, $3,300, and $3,260.•A confirmed drop below $3,260 could trigger deeper downside risks, with potential moves back toward $3,200, $3,160, $3,080, and $3,000.Written by Razan Hilal, CMT