Technical analysis by APEX_BULL about Symbol PAXG on 5/9/2025

Gold (XAU/USD) is currently trading at 3310, experiencing a sharp pullback of around 1.60% from the recent peak of 3440 📉. The price is hovering just below the 50-day Exponential Moving Average (EMA) at 3326 📊, which has acted as strong support recently 🔑. The 200-day EMA also there a bit lower at $3303, giving us more confirmation to this key support area 🔄.The sharp decline from the $3432 resistance level suggests potential profit-taking or a broader risk-off sentiment 😬. Immediate support is seen around $3,303-$3,326, where buyers might step in 🤞.If the price breaks below this range, we could see a deeper pullback toward the \$3,280 level 🔽. However, if the market rebounds, targets could shift toward \$3,383 or even the \$3,432 resistance once again 📈💪.The market has now retested the lower trendline, indicating a potential pullback from the 3288 level. If the candle closes above this level, we can plan buy entries, with the stop loss (SL) set just below the trendline. A close above this key level would signify further bullish momentum, making it a good point to enter a long position. It’s crucial to monitor price action closely to confirm the breakout, as a failure to close above could result in a continuation of the downtrend.