Technical analysis by GoldenViewJake about Symbol PAXG: Buy recommendation (5/22/2025)

On Wednesday (May 21), due to the weakening of the US dollar and the rise in safe-haven demand, the international gold price rose to its highest point in more than a week. US President Donald Trump's failure to convince opponents within the Republican Party to support his massive tax cut bill also became one of the supporting factors. As of press time, spot gold rose 0.65% to around $3,310, with an intraday increase of more than $20, holding yesterday's nearly $60 increase.The US dollar index fell to a two-week low, making gold denominated in US dollars cheaper for investors holding other currencies. Market sentiment turned cautious, driving safe-haven funds into gold. Previously, Moody's downgraded the US sovereign credit rating, and President Trump's promotion of a massive tax cut bill is expected to be passed by Congress, which has triggered market concerns about the expansion of the US fiscal deficit, further strengthening the "sell the United States" theme and exerting continuous pressure on the US dollar.Affected by geopolitics, Israel is preparing to attack Iran's nuclear facilities, and the risk of the situation has escalated again. Gold has continued to rise with its own safe-haven properties. It has risen by more than 200 US dollars since the bottom rebound, which reflects the tension of the situation and the strength of gold's rise from the side!In the past few days, I have been emphasizing that everyone should remain bullish. If you can go long, don't go short. Today is still the same idea. The continuous rise in the market focuses on the low point of the staged rise, and this round of small-level rises is at the 3290 line. In other words, the 3290 line has not been broken, and any decline in the bottom pattern is an opportunity for us to buy!Gold strategy:Buy range: 3325-3323, SL: 3310, TP: 3345-3355Sell range: 3353-3355, SL: 3365, TP: 3335-3325Key points:First support level: 3310, second support level: 3300, third support level: 3290First resistance level: 3345, second resistance level: 3350, third resistance level: 3355Share my views for free every day