Technical analysis by GOLD_TRADERS_CLUB_RAZA about Symbol PAXG: Buy recommendation (10 hour ago)

This chart again shows **Gold Spot (XAU/USD)** on the **30-minute timeframe**, and it illustrates a clear **ascending channel** — suggesting that **bullish momentum remains intact**, even though price is currently in a short-term pullback. Let’s break down the setup in detail 👇 --- ### 🧭 **Chart Context** * **Instrument:** XAU/USD (Gold vs. USD) * **Timeframe:** 30M * **Current Price:** ≈ **$4,182** * **Trend:** **Uptrend** (price consistently respecting higher highs and higher lows within a rising channel) --- ### 📊 **Technical Breakdown** 1. **Ascending Channel:** Price is trading within a well-defined bullish channel. * **Support zone:** $4,178 – $4,152 (highlighted grey box). * **Resistance zone:** Upper boundary near **$4,280–$4,285**. 2. **Price Action:** The market is currently retesting both the **lower channel support** and a **horizontal demand zone** — a confluence area ideal for a potential bullish bounce. 3. **Fibonacci / Projection Targets:** From the expected bounce: * 🎯 **TP1:** $4,212 * 🎯 **TP2:** $4,260 * 🎯 **TP3:** $4,284 (upper channel resistance) 4. **Stop-Loss Placement:** * Below **$4,152**, just under the confluence zone to allow room for volatility. --- ### 🧠 **Summary Table** | Bias | Entry Zone | Stop-Loss | TP1 | TP2 | TP3 | | ---------------------------------- | ------------- | --------- | ------ | ------ | ------ | | **Bullish (Channel Continuation)** | $4,178–$4,185 | $4,152 | $4,212 | $4,260 | $4,284 | --- ### ⚙️ **Trade Logic** ✅ If price holds above **$4,178 support** and prints bullish candles, the **uptrend likely continues** toward the upper channel line. ❌ A breakdown **below $4,152** would invalidate this bullish setup and could trigger a correction toward **$4,120** or lower. --- Would you like me to overlay this analysis with the **DXY setup** (to show how a weaker dollar could strengthen gold prices in this scenario)?