Technical analysis by ElaraQuinn about Symbol PAXG: Buy recommendation (5 hour ago)

Gold (XAUUSD) is currently trading around $4,040–4,050 per ounce at an important resistance area. The market saw a strong bounce from 3,940–3,960 reflecting strong buying after liquidity was liquidated. The fair value gap $3,980–4,020 has closed, and a slight correction is expected to test supply areas before the next bullish wave. In the short term, the price may fall to $4,020-4,000 and then bounce back towards $4,085-4,100. The focus is on US Consumer Price Index (CPI) data, which may influence monetary policy expectations. A below-expected CPI reading will weaken the dollar and support gold, while geopolitical tensions and central bank buying reinforce the positive trend in the medium term. Gold is in a short-term consolidation phase near $4,040, and may see a rally towards $4,160-4,200 if economic conditions improve.