Technical analysis by XAUBanker about Symbol PAXG: Buy recommendation (16 hour ago)

Gold remains in a strong bullish structure on the daily chart, but price action is now approaching a critical juncture where multiple trendlines are tightening and converging. This compression typically precedes a breakout, and given the current macro backdrop, volatility is expected to rise. Key technical levels to watch: Resistance Zones: 4,352 – Psychological level and short-term pivot (PDH and PWH) 4,381 – Upper resistance and breakout target (previous record high). Above 4,381, the path opens toward new record highs. Support Belt: 4,320 – 4,300 – Strong demand zone; as long as this area holds, selling remains unattractive. The price is currently consolidating near the upper channel boundary, signaling potential energy buildup for the next directional move. Macro Drivers & Volatility Risks Today’s calendar is packed with high-impact events that could significantly influence the U.S. Dollar Index (DXY) and, by extension, gold: BoE Interest Rate Decision ECB Interest Rate Decision U.S. CPI Data Initial Jobless Claims These events collectively create a scenario for heightened volatility, as markets reassess inflation trends and central bank policy stances. Trading Scenarios Bullish Breakout: A decisive move above 4,352 will likely accelerate momentum toward 4,381, with potential extension to new record highs beyond that level. Support-Based Entry: If price retraces into the 4,320 – 4,300 belt, this zone offers a favorable risk-reward for long positions.