Technical analysis by Mihai_Iacob about Symbol PAXG: Buy recommendation (8/4/2025)

Last week was a wild one for Gold. After a quiet start and some choppy price action, the market dropped hard on Wednesday, breaking not only the 3300 key level but also the 3280 horizontal support — and what followed was anything but calm. As expected after a strong move, the price pulled back to retest the broken support. But Friday changed everything. Instead of continuing down, Gold reversed sharply, fueled by weaker-than-expected NFP data. Price surged 800 pips from low to high, breaking above both the 3310 resistance zone and the weekly high around 3335. ________________________________________ 🧭 Key Question: Are we back in the bullish trend, or is this just a strong correction of the 3440 → 3270 drop? Since May, Gold has lacked a clear trend — so a step-by-step trading approach is the most advisable to adopt. ________________________________________ 🔍 Outlook: Given the strength of the reversal and the break above two important resistance levels, my bias is bullish. •📌 Support: 3335 — a pullback into this zone could offer a buy opportunity in line with the recent momentum. •📌 Resistance: 3375 is the next key level to watch. •❌ Invalidation: A drop below 3310 would cancel the current bullish scenario. 🧠 Final Thoughts Gold’s recent move challenges both bulls and bears. Yes, the bounce was strong. Yes, key resistance levels broke. But with no clear trend since May, chasing long term direction can be risky. That’s why a step-by-step approach is the most advisable to adopt — let the market confirm each move before committing to the next. For now, the breakout above 3310 and 3335 leans the bias to the upside. However, staying reactive — not being stuck with an idea — is the smartest approach. Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.