Technical analysis by polarity about Symbol PAXG on 11/10/2025

Gold (XAU/USD) has been trading within a well-defined ascending channel after its late-October selloff. The current structure shows clear supply (resistance) and demand (support) zones, giving traders a map of where the next move might originate. After forming a base around $3887–$3940, price has been climbing steadily in a corrective channel, reaching near-term resistance between $4008 and $4070 — the two major red zone on the chart. This area coincides with: 0.236–0.382 Fibonacci retracement of the previous major swing A cluster of prior rejections, suggesting strong overhead supply The upper boundary of the rising channel, often a zone for exhaustion or short setups The Resistance Zones (Supply) There are two major resistance levels to watch: Target 1: $4000 – $4070 → The top red box. A clean break and close above this could open the door for a test of the higher range. Target 2: $4127 – $4184 → The deeper retracement zone (Fib 0.5–0.618). This would be a natural target if bulls manage to clear the first wall of sellers. However, both zones represent potential turning points. Failure to break through convincingly could confirm this move as a B-wave rally or wave-4 correction within a broader downtrend. The green zone near $3887–$3940 remains the critical demand area — buyers have consistently stepped in here. It’s backed by: Multiple reaction lows Volume accumulation A confluence with the lower boundary of the ascending channel If this level fails, it would likely confirm a larger corrective leg down, potentially targeting $3800 or lower. Elliott Wave Context (Optional Section) From a wave perspective, the current structure may represent a Wave 4 corrective channel within a larger 5-wave decline. If correct, a final Wave 5 drop toward the demand zone would complete the structure before a larger bullish reversal. (If the rally breaches $4184, that invalidates this count and shifts the bias to a broader Wave 1–2 bullish sequence.) Gold remains range-bound between a strong demand base near $3900 and heavy supply overhead near $4070–$4180. Until one side gives, short-term traders may find better setups playing these ranges with tight risk management. Key Levels to Watch: Resistance: $4070, $4127, $4184 Support: $3940, $3887 Bias: Neutral → Bearish unless above $4070 Note I did not even finish writing this, Gold had alread broke through the first resistance, and now heading to the 0.382 fib level