Technical analysis by lixing_gan about Symbol PAXG: Buy recommendation (9/3/2025)

Gold is pushing toward record highs as several forces come together. Markets' expectations for the Fed to cut interest rates and a weaker dollar support global demand and benefit the dollar-denominated bullion. Inflation risks still linger, keeping gold relevant as a hedge. Central banks, especially in emerging markets such as China, steadily add to their reserves to reduce reliance on US assets. In addition, ongoing geopolitical tensions and trade frictions are driving safe-haven demand. What adds momentum now is that large investors channel money back into gold exchange-traded funds, helping fuel the rally. Taken together, these drivers point to gold holding strong at record highs, potentially climbing further if economic uncertainty grows. From a technical perspective, XAUUSD broke out of its symmetrical triangle pattern, hovering above the Ichimoku Cloud, with strong bullish candles reinforcing its upward momentum. If XAUUSD extends its rally, the price could approach the resistance and 100% Fibonacci Extension at 3680. Conversely, a retracement may prompt a retest of the support at 3450 before the price resumes its uptrend. By Li Xing Gan, Financial Markets Strategist Consultant to Exness