Technical analysis by Eldric_Morran about Symbol PAXG: Buy recommendation (4 hour ago)

Gold continues to maintain its stable upward momentum in light of the weakness of the US dollar and increasing expectations of interest rate cuts by the Federal Reserve. Investors' mood towards safe assets has returned strongly, strengthening gold's position as one of the most important safe havens in the markets. On the chart, the price is moving above the rising trend line and reacting strongly around the $4,000 area, which represents a strategic support area. The current price structure indicates that gold is in a consolidation phase in preparation for a potential bullish breakout. If gold continues to hold above the $4,000 level, it is likely to see a strong push towards the resistance area between $4,130 and $4,140, ​​an area that intersects with the previous highs. A breach of this area may pave the way for a medium-term uptrend towards the $4,200 area. Overall, the main trend is still up, and any short-term corrections can be viewed as opportunities to buy into the trend.