Technical analysis by Reliable_Trading about Symbol PAXG: Buy recommendation (6/4/2025)

At the beginning of this week, the Trump administration's steel tariffs once again escalated global trade tensions. Coupled with the influence of geopolitical situations, gold once hit a high of 3390.On Tuesday, the US dollar rebounded from the bottom, and gold also fell from a high level, reaching a low of around 3330.From the market point of view, the upper pressure of gold is currently concentrated around 3365-3370, and the lower support is 3330-3325.The most critical thing today is the US ADP employment data for May to be released in 1 hour.I think it is best to wait until the ADP data is released before trading today.If gold does not fall below the 3330-3325 range after the ADP data is released, we can go long on gold. On the contrary, if it falls below 3330-3325, we should not consider it and continue to observe the 3300 mark downward.The ADP employment data released this time is 37,000, which is far lower than the forecast of 110,000 and also lower than the previous value of 62,000. This is a great positive for gold.Judging from the current performance of gold, the reaction is not strong, just rebounding from 3345 to 3355. I personally think that no matter how the gold price performs, the data is a real positive. I think the gold price will most likely continue to rise.If you are more aggressive, you can consider buying now. If you are more conservative, see if there is a chance to retreat to the 3330-3325 support range today.The just released US ISM non-manufacturing PMI for May is again bullish for gold. Gold is rising in the short term and the current price has reached the resistance range of 3365-3370. I think we can close the position now and hold on to the profit in case the gold price encounters resistance and pulls back.We will look for opportunities later to seek better trading positions