Technical analysis by lixing_gan about Symbol PAXG: Buy recommendation (23 hour ago)

Fundamental View: Gold is increasingly catching the spotlight as expectations mount for upcoming Fed rate cuts. With the US economy showing signs of softening- from weaker industrial production to slower retail sales, investors are pricing in a more dovish Fed, which historically benefits dollar-denominated assets like gold. Add to this the geopolitical uncertainties and persistent central bank demand, and the backdrop is set for bullion to gain further tailwinds. Technical Analysis: Gold is currently in a strong rally, testing the upper bound of the ascending channel. If XAUUSD breaks above this channel, the price could extend gains toward the 127.2% Fibonacci Extension at 3820. Conversely, if resistance holds, XAUUSD may retrace to the 50% Fibonacci Retracement before resuming its upward trajectory. By Li Xing Gan, Financial Markets Strategist Consultant to Exness