Technical analysis by lixing_gan about Symbol PAXG: Buy recommendation (9/10/2025)

Fundamental perspective Gold remains anchored near all-time highs, reflecting a landscape where economic uncertainty and global tensions are shaping investor behavior. Data revisions showing slower job growth in the US fuel expectations of looser monetary conditions, bolstering the appeal of non-yielding assets. Traders are now positioning ahead of key inflation releases, which could offer a clearer signal on the Fed's rate path trajectory. On the geopolitical front, escalating friction in Europe and the Middle East adds an extra layer of support, as market participants seek shelter amid heightened risk. Supply-demand dynamics in bullion markets and shifts in positioning by institutional players suggest that gold's resilience could persist. In the short term, bullion appears poised to test resistance levels near record peaks, while any easing in risk sentiment or hawkish surprises from central banks may trigger intermittent retracements. Technical perspective XAUUSD is testing the 100% Fibonacci Extension and potential resistance at 3680. While the uptrend persists, with prices forming higher swings and holding above the Ichimoku Cloud, a retracement may be possible, following the recent price rally. If XAUUSD breaks the 3680 resistance, the price could gain upward momentum toward the 127.2% Fibonacci Extension at 3820. Conversely, a retracement may prompt a throwback to the bullish fair value gap and support at 3520. By Li Xing Gan, Financial Markets Strategist Consultant to Exness