Technical analysis by FOREXcom about Symbol PAXG on 11/7/2025

I think it is fair to say that the $4K level is super important in as far as gold’s short-term direction is concerned. A potential breakdown below $3930 would signal gold has decided to stay below this $4K level. The $3930 level is where gold found support from earlier this week, so a break below it would now be quite significant from a technical standpoint. On the upside, $4045 is where gold needs to climb above to trigger technical selling above it. This was the high from last Friday. While gold decides which direction to break, I don’t have too strong a view on the metal currently. Granted, the fresh weakening of the US dollar amid signs of weakness in labour market as reported by Challenger yesterday, and the drop in consumer confidence as reported by the UoM today, both point to potential gains for gold. However, the metal has been trending in the same direction as equity markets. Therein lies the problem. With stocks struggling, gold has been unable to find any fresh haven demand to give it a lift above $4K. By Fawad Razaqzada, market analyst with FOREX.com