Technical analysis by JoeChampion about Symbol PAXG: Buy recommendation (8/5/2025)

Hey Traders, above is a breakdown of the current technical and fundamental setup for Gold, with a focus on key support zones and the macro landscape that could drive further upside. From a technical standpoint, the first major support area to watch is around 3,334, which previously acted as a strong resistance level. Now that price has broken above it, we could see this zone retested as a support — a classic breakout-retest scenario that may offer a potential bounce opportunity. The second key zone is located near 3,311, a historically significant support/resistance level. What makes this level even more critical is its confluence with the primary ascending trendline, reinforcing its importance as a structural support in case of a deeper retracement. On the fundamental side, gold continues to benefit from its role as a safe-haven asset, especially amid rising geopolitical and economic tensions. There are two major catalysts in play right now: Escalating trade tensions, particularly around new tariffs. Markets are pricing in a high baseline tariff risk of 15%, which adds a layer of uncertainty and supports defensive assets like gold. Mounting geopolitical pressure on Russia, with the U.S. expected to announce secondary sanctions this week. These could further disrupt global markets and drive demand for hard assets. In summary, gold is positioned well both technically and fundamentally. If price holds above the mentioned support zones, we could see renewed bullish momentum in the sessions ahead. Keep an eye on developments related to trade policy and sanctions, they could be key drivers of the next move.Watching a potential retrace from 3,375 breakout now!