Technical analysis by Prince677 about Symbol PAXG: Buy recommendation (10/22/2023)

Gold price was shy of testing the $2000 troy ounce barrier on Friday amidst increasing geopolitical risks, as the conflict between Israel and Hamas is briskly spreading toward more countries in the region. At the time of writing, XAU/USD is trading at around $1980.20 after the yellow metal bounced from daily lows of $1972.12 . If Gold price extends its gains past $2000, Gold’s next resistance is seen at the May 10 daily high of $2048.15, followed by last year’s high of $2075.14, before challenging the all-time high (ATH) at $2081.82. If XAU/USD cannot stay above $2000, the first support would be the July 20 high at $1987.42, followed by the September 1 high turned support at $1952.95.