Technical analysis by ProjectSyndicate about Symbol PAXG: Buy recommendation (6/2/2025)

📊 Technical Outlook Update H4🏆 Bull Market OverviewGold is currently trading around $3,352.69 per ounce, up 1.9% today, reaching its highest level since May 23, driven by renewed safe-haven demand amid escalating U.S.-China trade tensions and a weaker dollar. The market remains range-bound, with key resistance levels at $3,410 and $3,460, and support levels at $3,160 and $3,240. Volatility is expected to remain moderate, with potential catalysts including upcoming U.S. employment data and central bank policy decisions.⭐️ Recommended StrategyContinue to buy on dips near support levels and sell near resistance levels, capitalizing on the current range-bound market conditions. Monitor for potential breakouts above resistance or breakdowns below support, which could signal a shift in market dynamics.Latest Gold Market Updates:📈 Gold prices have surged due to renewed tariff threats from the U.S. and escalating geopolitical tensions, prompting investors to seek safety in gold.💰 Gold miners are largely avoiding hedging strategies to fully benefit from the current market, reflecting strong bullish sentiment in the industry.🔮 Citibank projects gold prices could rally to $3,500 over the next three months, citing strong demand and macroeconomic factors.📊 JP Morgan anticipates gold prices exceeding $4,000 per ounce by Q2 2026, with an average of $3,675 in Q4 2025, driven by continued investor and central bank demand.⭐️ Goldman Sachs has raised its year-end 2025 forecast to $3,700, with a potential upside scenario reaching $4,500, based on strong Asian buying and central bank purchases.💍 Record gold prices are prompting jewelry designers to shift toward 14-karat gold and alternative materials to control costs, while consumer demand remains robust.🔮 Outlook SummaryGold remains in a bullish trend, supported by safe-haven demand amid geopolitical tensions and economic uncertainties. The market is currently range-bound, with key levels to watch at $3,160–$3,240 for support and $3,410–$3,460 for resistance. Upcoming economic data releases and central bank policy decisions could act as catalysts for a breakout from the current range. Analysts maintain a positive outlook, with forecasts suggesting potential for further price increases in the medium to long term.