Technical analysis by Samantha-Urfe about Symbol PAXG: Buy recommendation (7/28/2025)

Gold (XAUUSD) appears to be forming a potential bullish reversal after a sustained downtrend within a descending channel. Price recently tested a strong horizontal support zone near $3,320, where buying pressure has started to build. The chart suggests: Price is attempting to break out of the descending channel. Ichimoku cloud shows early signs of a potential shift in momentum. A successful breakout above the cloud and $3,347 resistance could trigger a rally towards the $3,400–$3,420 supply zone. Bulls need confirmation through a clear candle close above the channel and the cloud. Strong Support Zone: Price bounced from key support near $3,320, previously tested multiple times. 2. Descending Channel: Price has been moving in a bearish channel since July 23. Now testing the upper boundary of this channel. 3. Potential Reversal Pattern: Formation of a rounded bottom hints at bullish reversal. 4. Ichimoku Cloud: Price is approaching the Ichimoku cloud, acting as resistance. A breakout above the cloud can confirm a trend change. 5. Short-Term Resistance: Immediate resistance at $3,347–$3,350 (also Ichimoku level). Strong resistance zone lies at $3,400. 6. Bullish Breakout Scenario: If price breaks and holds above the channel and Ichimoku, $3,360–$3,400 becomes the bullish target.