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

Gold (XAUUSD) is currently trading around $4,040–4,050/oz and is within the key resistance zone formed from the previous peak. Previously, gold made a strong recovery from the $3,940–3,960 levels, revealing buyer pressure following a liquidity sweep. The Fair Value Gap (FVG) $3,980–$4,020 has been filled and based on price action, supply testing occurs, usually with a slight pullback before the next bullish wave. In the short term, the price can be expected to retreat to $4,020–4,000 levels, followed by a rise to $4,085–4,100 levels. The market's focus is currently on the US Consumer Price Index (CPI). A CPI below expectations could strengthen the possibility of an early Fed rate cut, weakening the USD and providing support to gold. At the same time, geopolitical tensions and central bank purchases continue to support the medium-term upward trend. Gold is currently in a short-term consolidation period around $4,040 and with favorable macro data, it could start a new bullish wave towards $4,160–4,200 levels.