Technical analysis by RLinda about Symbol PAXG: Buy recommendation (9/1/2025)

XAUUSD has been rallying towards 3500 since the opening of the session, and the market has every chance of testing this level. Consolidation or correction may form before the next breakout... Gold resumed its growth at the beginning of the week, reaching five-month highs around $3480 amid declining risk appetite and expectations of Fed policy easing. Trading activity remains low due to holidays in the US and Canada. Key drivers : Weak Asian markets and uncertainty surrounding Trump's trade policy are supporting interest in gold. The probability of a rate cut in September is estimated at 90% after last week's PCE data. Overall, the market maintains its momentum towards record levels ($3500), but low liquidity may increase volatility. Technically , gold is strongly bullish. The price is striving to test the ATH - 3500. Before that, consolidation or a retest of the 3469-3460 zone may form. The dollar is weak at the moment and continues to trend downward, which generally supports gold. Resistance levels: 3484.8, 3500 Support levels: 3469.5, 3460 Undoubtedly, after consolidation or correction, gold may reach its target. However, continued growth beyond 3500 may be questionable due to a lack of energy, as the market has spent it to reach 3500. Accordingly, a false breakout of the ATH could trigger a strong profit-taking phase, which in turn could lead to a sell-off and correction. Best regards, R. Linda!