Technical analysis by Henrybillion about Symbol PAXG on 7/23/2025

Trend Structure: Gold remains in a short-term bullish structure, with a clear series of higher highs and higher lows. However, price action shows signs of hesitation near a critical Fibonacci extension zone. Key Resistance Zone: $3,428 – $3,438: This area aligns with the 0.618 Fibonacci extension at 3,428.59 and the 0.0 level at 3,438.56, forming a confluence resistance zone that has started to trigger selling pressure. Immediate Support Levels: $3,422.62: The 1.0 Fibonacci extension, serving as the first support on a minor pullback. $3,408 – $3,410: A potential bounce zone combining short-term trendline support and prior consolidation structure. Fibonacci & Price Waves: The recent bullish leg from $3,330 to $3,438 has completed a 3.618 extension (noted at $3,330.91 on the purple projection). This increases the probability of a corrective retracement. EMA & RSI (suggested for confirmation): EMA20 (not shown) should act as a dynamic support. Watch RSI for potential overbought signals or bearish divergence if it crosses above 70. Trade Setups to Watch: Scenario 1 – Short Setup at Fibonacci Resistance Entry: $3,428 – $3,432, only if price action confirms rejection (e.g., bearish engulfing, pin bar) Stop Loss: Above $3,438 Take Profit 1: $3,422 Take Profit 2: $3,410 (if trendline breaks) Scenario 2 – Buy Setup on Pullback Entry: Around $3,408 – $3,410 upon bullish price action confirmation Stop Loss: Below $3,400 Target: $3,428 Final Thoughts: Gold is approaching a strong resistance zone, and short-term pullback is likely unless bulls break through $3,438 with momentum. Traders should stay patient and wait for confirmation signals before entering. Remember: discipline beats impulse. Follow for more updated strategies during the US session. Save this idea if you find it helpful! Let’s discuss your view in the comments below.