Technical analysis by Trading-Diary_Steffen about Symbol PAXG: Buy recommendation (8/4/2025)

Because the U.S. non-farm payroll report performed worse than expected, gold rebounded strongly last Friday and recovered half of its losses in one fell swoop. The bulls returned strongly. Today, after consolidating at a high level, gold continued to choose to break upward, reaching a high of around 3385. There is no doubt that bullish forces still hold the upper hand. From a fundamental perspective, the Federal Reserve is currently facing greater pressure to cut interest rates; and it can also be clearly seen from the candlestick chart that a significant "W"-shaped double bottom structure has been constructed near 3268 and 3280, which has limited the gold's retracement space while also playing a key structural support role in the rise of gold. With the combined effects of news and technical factors, gold still has the potential to continue its upward trend. And I think there is still a great possibility that gold will test the 3400 mark again. Once gold stabilizes at 3400, it will definitely hit the 3420-3430 area. As the center of gravity of gold gradually shifts upward, the lower support area also moves up. The current short-term support is obviously in the 3365-3355 area, while the relatively strong support is in the 3345-3335 area. According to the current pattern structure, the bulls may not allow gold to retreat to the 3345-3335 area. So in terms of short-term trading, we first consider the opportunity to enter long positions in the 3365-3355 area!Although gold retreated to around 3350 and rebounded again after trying to fall below 3350, our trading plan to go long on gold in the 3365-3355 area is proceeding as planned, and we have already made a good profit. Let us continue to hold it and see if gold can continue to the 3370-3375 area.Hey bros, I just mentioned that gold was heading towards the 3370-3375 area. However, after seeing gold break through 3370, I changed TP to 3380. Currently, gold has hit TP: 3380 as expected. Compared with 3370-3375, we have earned an additional profit of 50-100 pips. Although gold briefly broke through 3350 during our trading, we had to set a SL of 3345 to prevent further losses from a pullback. Fortunately, gold falsely dipped below 3350, only to quickly rebound and finally hit TP: 3380, resulting in a profit of 240 pips on this trade. Congratulations to all friends who follow my trading strategies!🥂🥂🥂