Technical analysis by Mihai_Iacob about Symbol PAXG: Buy recommendation (8/6/2025)

1. Quick recap of yesterday In yesterday’s analysis, I highlighted the possibility of a short-term correction on Gold and noted that, although risky, a short trade could be justified. Acting on that conviction, I took a short with a sniper entry, capturing over 250 pips in floating profit. However, Gold found strong support around 3350 and reversed aggressively. I closed the trade with a more modest +140 pips gain. 2. Key development: NY session reversal Despite early signs of weakness, the New York session flipped the script, sending Gold back toward the top of the daily range. The daily close near highs tells us one thing: ➡️ The bulls aren’t done just yet. 3. Technical outlook •Resistance remains firm at 3375–3380+ zone •A clear breakout above this zone opens the door for 3400+, with a likely magnet at 3430 •As long as the market holds above this week’s low, dips are buyable opportunities 4. Trading plan For now, the bias shifts back to the long side. I’m watching for intraday dips to build longs, with invalidation below this week’s low. The structure favors continuation — but only if 3380 gives way we have confirmation. 5. Final thoughts Gold may have teased the bears, but the real power still lies with the bulls. If momentum kicks in above 3380, we could be on our way to test 3430 soon. 🏹 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.Gold reversed from just above yesterday’s low, forming a new higher low in the process. This price action keeps the bullish structure intact and suggests potential for continuation—but the daily close will be key. A close above 3380 would not only confirm yesterday’s continuation Pin Bar but also print a second one—putting clear pressure on the upside and increasing the likelihood of a breakout. At the time of this update, my position is running with a modest +120 pips unrealized profit. Still, I’m closely watching for a potential upside acceleration that could push the price toward my 750 pips target.