Technical analysis by FOREXcom about Symbol PAXG on 5/28/2025

Last week saw gold bounce back after holding its one-year old bullish trend line and support around $3,120-$3,167 range. As well as that, this area was also the point D of an AB=CD move, sometimes called a bullish Gartley pattern. This area will be key on any future dips – bearish if we go below it. For now, gold is consolidating, but starting to look a bit heavy again. The lower highs from the past several weeks suggests appetite for the safe haven assets is waning. Interim support is now seen around $3,300. Things will get interesting if gold now breaks decisively below this level. If that happens, the next stop could be at $3,250, which as the last resistance pre breakout last week. Below that, $3,200 and the support trend of the larger consolidation pattern will come into focus. Resistance comes in at $3,325, followed by $3,360, with the latter marking the resistance trend of the consolidation pattern. Above it, $3,400 and then the all-time high of $3,500 are the next key levels. By Fawad Razaqzada, market analyst with FOREX.com