Technical analysis by jamesibartram about Symbol PAXG: Buy recommendation (5/24/2025)

📈 Gold (XAU/USD) – 6H Time Frame Bullish Breakout WatchGold is now pressing into a major descending trendline, connecting two significant swing highs — and we’re seeing strong bullish momentum driving price into this key level.🔹 Key Technical Insights:Descending Resistance Test:Price is testing a long-standing descending trendline. A confirmed break and close above could trigger a strong breakout run toward the next key high.Volume Building:Volume is steadily increasing, indicating growing bullish participation — a classic pre-breakout signature.Fibonacci Confluence Zone:The 71% Fib retracement has held as a strong support base, lining up with a prior demand zone — a textbook accumulation zone.200 EMA Acting as Launchpad:Price broke above and retested the 200 EMA, now acting as dynamic support. Structure confirms bullish control.🔹 Targets in Sight:Target 1: 3,499.92 (local resistance / double top)Target 2: 3,516.38 (previous high)📌 Summary:Gold is positioned for a potential bullish breakout if it can break and sustain above trendline resistance. All key elements — rising volume, Fib support, structure, and EMA positioning — point to momentum favoring the upside.