Technical analysis by MR_gold2 about Symbol PAXG on 18 hour ago

� Technical analysis: •Gold formed a strong double bottom at the 3,940 – 3,950 area, coinciding with a clear price rebound from the main demand area. •The price breached the 3,960 level upwards and is now retesting a simple technical test of the level. •The short moving average has begun to turn upward as a positive intersection with the long average approaches, which is an initial indication that the short-term trend is turning bullish. •The MACD Histogram turned positive, and the Relative Strength Index (RSI) began to rise from the oversold area towards 50 → indicating an improvement in purchasing momentum. 🌀 Wave analysis: •The fall from 4,045 to 3,940 represents wave C within an integrated ABC correction, which means the correction has ended. •From the bottom at 3,940, a new impulse wave (1) began to form, and now gold is at the beginning of the upward wave 3 after the end of the wave 2 correction near 3,960. •The initial target for wave 3 is located at 4,015 – 4,035, with the possibility of extending towards 4,060 later. ⏱ Chronological analysis: •According to the sequence of peaks and troughs, each swing cycle lasts approximately 20 to 22 trading hours. •The time bottom was achieved at 3,940 yesterday morning, and therefore we are now in the middle of the bullish time cycle. •The expected time for the next peak = between 15:00 - 18:00 Baghdad time during the American session today. 🔢 Digital analysis: •Daily Pivot = 3,950 → Price is now above it = bullish intraday trend. •Fibonacci levels from the last downward wave (4,045 → 3,940): ◦0.382 = 3,980 ✅ It was hacked ◦0.618 = 4,010 🎯 First goal ◦1.0 = 4,045 🎯 Second goal • •Important digital areas: ◦Digital support: 3,945 ◦Digital resistors: 4,015 – 4,045 – 4,065 • 🧮 Fundamental analysis: •Recent data showed a slight slowdown in US bond yields with neutral statements from Fed members, which eased pressure on gold. •The US dollar lost some strength during the Asian session, which supported gold’s technical rise. •General fundamentals tend towards limited positivity in the short term until new data is released (such as Powell’s statements or upcoming inflation data). 📊 Price action analysis: •The last hour candle was a strong bullish engulfing candle from the demand area, which is a clear price action signal for a reversal. •It was followed by a consolidation candle above 3,960, which gives additional confirmation of the continuation of the upward rebound. •Currently, we only need to break the 3,975 – 3,980 area to confirm the continuation of the rise towards 4,015. 🧱 Supports and Resistances: First support 3,950 Major support 3,940 First resistance 3,975 Major resistance 4,015 – 4,045 ⸻ 🧩 Technical models: •Double Bottom pattern completed at 3,940 with neckline 3,970 ✅ •The technical target for this model = 4,045 •The pattern is supported by upward momentum from the RSI = high reliability of the movement. ⸻ 🦋 Harmonic models: •A bullish Gartley pattern is completed precisely at point D = 3,940 •Expected objectives of this model: •First goal = 4,010 •Second goal = 4,045 •Stop cancellation = break of 3,930 at one-hour close ⸻ 🟩 Demand and supply areas: •Main demand zone: 3,940 – 3,920 •Next supply zone: 4,015 – 4,045 (possible test zone during the American session) ⸻ ⚖️Axial area and fixation point: •Pivot area: 3,960 •Fixation point: 3,950 •Consistency above it = an upward trend, a break below it = a momentary correction only. ⸻ 💡 Recommendation: 📈 Purchasing scenario (likely): •Entry from: 3,955 – 3,960 •First goal: 3,985 •Second goal: 4,015 •Third goal: 4,045 •Stop loss: 3,935 📉 Sales scenario (alternative): •If 3,930 is broken by closing the hourly candle. •Entry: 3,925 •Goal: 3,885 •Stop loss: 3,950 ⸻ Important note We do not provide you with financial and investment advice Rather, we provide you with scientific and educational content You are the only person responsible for pressing the buy and sell button Analyst Engineer Ihab Sayed Al Thahab channel