Technical analysis by fsanalysis6 about Symbol PAXG: Buy recommendation (5/8/2025)

The chart displays the price movement of Gold Spot (XAU/USD) on a 1-hour timeframe. It highlights a significant resistance zone (R.S) at the top and a supply area at the bottom. After reaching the resistance zone, the price experienced a sharp decline, eventually reaching the supply area. The current price is fluctuating near the lower boundary of the supply area, suggesting potential buying interest or further bearish pressure. Volume data indicates increased activity during the recent decline.The chart currently shows a bearish movement after the price was rejected from the resistance zone (R.S). The price dropped sharply and is now consolidating near the supply area. This consolidation may indicate a potential reversal if buyers gain momentum, or a continuation of the downtrend if selling pressure persists.The increased volume during the downward move indicates strong selling interest. Traders may watch for a breakout from the supply area for confirmation of trend continuation or signs of reversal if buying pressure emerges.