Technical analysis by Frenzy_Trader about Symbol PAXG: Buy recommendation (10/9/2023)

Greetings traders! We're currently observing a compelling setup in the XAU/USD pair. The price action is oscillating within a well-defined corridor. Recently, there's been a notable rebound off the corridor's lower boundary, indicating bullish momentum. Entry Zone: Our optimal buy-in range is situated between 1846 and 1854. This zone is derived from recent price behavior and supports that have demonstrated resilience. Take Profit Targets: TP1: 1870 The initial take profit target is set at 1870. This aligns with some minor resistances and potential profit-taking zones. TP2: 1884 Our second target is 1884, corresponding with more robust resistances and historical price action. TP3: 1894 The final ambitious target is at 1894, which could be reached if bullish momentum sustains and manages to break past earlier resistances. Stop Loss: 1827 To manage risk effectively, we're placing our stop loss at 1827. This level is strategically positioned below recent lows and provides a buffer against adverse price swings. In conclusion, the current setup on XAU/USD presents a compelling long opportunity, but as always, exercise caution and employ proper risk management. Good trading, everyone!TP 1 reachedTP 2 reachedTP 3 reached