Technical analysis by GOLD_TRADERS_CLUB_RAZA about Symbol PAXG: Buy recommendation (12 hour ago)

This chart represents the price action of **Gold (CFDs on Gold in USD per ounce)** on the **30-minute timeframe**. Here's a breakdown of what is shown: --- ### **Chart Summary:** * **Trend:** The price is moving in an upward channel (bullish trend). * **Channel:** Clearly defined ascending channel (light beige background) with upper and lower trendlines acting as resistance and support. * **Current Price:** ~$4,200.32 * **Support Zone:** Around **$4,164.217 – $4,146.319** (marked with a grey box). * **Potential Buy Setup:** * **Entry Zone:** Price likely retraced to the support area. * **TP (Take Profit):** ~$4,264.957 * **SL (Stop Loss):** ~$4,146.319 * **Risk/Reward Ratio:** Looks favorable (~3:1), with a long setup targeting the upper boundary of the ascending channel. --- ### **Technical Interpretation:** * **Bullish Structure:** The market structure is higher highs and higher lows, fitting within an upward sloping channel. * **Confluence:** * Support aligns with the lower boundary of the channel and previous structure. * Recent bullish candles suggest a potential continuation after the pullback. * **Ideal Scenario:** Price respects the support zone and continues upward toward the top of the channel (TP). --- ### **Possible Strategy:** * **Long Trade Bias** (based on current chart setup): * **Buy Entry:** Around $4,164 * **Stop Loss:** $4,146 * **Take Profit:** $4,265 * **Conditions to Invalidate Setup:** Break below the support zone and the lower channel line. --- Would you like a detailed trading plan or risk calculation for this setup?