Technical analysis by Reliable_Trading about Symbol PAXG: Buy recommendation (6/5/2025)

Yesterday, ADP released that U.S. private sector job growth slowed to near stagnation in May, hitting the lowest level in more than two years, showing signs of weakness in the labor market.This data, known as the "small non-agricultural", showed that the United States added only 37,000 jobs in May, lower than the downwardly revised 60,000 jobs in April, and far lower than the market forecast of 110,000, the smallest increase since March 2023.After the data was released, Trump quickly posted Powell, writing: "The ADP employment report is out, and 'Mr. Too Late' Fed Chairman Powell must cut interest rates now. He is speechless!! Europe has already cut interest rates nine times!Then the US dollar index fell below the 99 mark, and gold rebounded sharply, rising directly from 3345 to the current 3400 mark.As of now, the previous high of 3390 has been broken. Although it encountered resistance and pulled back at 3400, we believe that it is likely to rise again after stepping back on the support level below.From the trend line support, we can pay attention to the 3370-3380 area, which is also the previous shock range, and the rebound of gold prices in the Asian and European sessions has been verified.If the gold price cannot fall below 3370-3380 after the European deposit rate and the US initial jobless claims data are released later, I will consider buying, with the target first looking at 3400 and then 3420