Technical analysis by GOLD_TRADERS_CLUB_RAZA about Symbol PAXG: Buy recommendation (11 hour ago)

This chart represents **Gold (XAU/USD)** on the **30-minute timeframe**, and it shows a **bullish setup** forming after a consolidation period. Here’s a breakdown of what’s happening: --- ### 🧭 **Chart Overview** * **Instrument:** Gold vs. US Dollar (XAU/USD) * **Timeframe:** 30-minute * **Current Price:** ~**$4,198** * **Trend:** Uptrend (clearly supported by the rising trendline) * **Pattern:** **Bullish pennant / wedge breakout setup** * **Tool Used:** Fibonacci extension for potential targets --- ### 📊 **Technical Breakdown** 1. **Trendline Support:** The ascending trendline below shows strong bullish momentum — each pullback has been supported. 2. **Pennant Formation:** A short-term consolidation pattern (a narrowing triangle) formed after an impulsive bullish leg, suggesting **continuation** potential. 3. **Fibonacci Levels:** * **0.618 retracement:** ~**$4,198**, current price zone * **Extension targets:** * **1.000:** $4,218 (first target) * **1.618:** $4,251 (second target) * **2.618:** $4,305 (final extension target) 4. **Risk Management:** * **Stop-loss:** Below **$4,176** (beneath the recent swing low and lower trendline). * **Entry:** Around **$4,198–4,200** (after breakout confirmation). * **Targets:** * TP1: **$4,218** * TP2: **$4,251** * TP3: **$4,305** --- ### 🧠 **Summary Table** | Setup Type | Direction | Entry | Stop-Loss | TP1 | TP2 | TP3 | | ---------------------------- | --------- | ------------- | --------- | ------ | ------ | ------ | | **Bullish Pennant Breakout** | Long | $4,198–$4,200 | $4,176 | $4,218 | $4,251 | $4,305 | --- ### ⚙️ **Bias** ✅ **Bullish continuation** If price sustains above the pennant and $4,198 zone, the next impulse wave higher is expected. ❌ A breakdown below $4,176 would invalidate the setup and could trigger a short-term correction. --- Would you like me to combine this with the **DXY chart** you shared earlier to show how Gold’s movement correlates with the Dollar Index (inverse relationship)?