Technical analysis by Bruno_TradingFX about Symbol PAXG: Buy recommendation (11/3/2023)

Gold increased continuously for 4 weeks Bruno greets everyone! Currently, the US Dollar Index (DXY), which measures the value of the USD against a basket of global currencies, is hovering around 106.17. This comes after a recovery from the weekly low of 105.81. The market focus has now shifted to the release of the US Non-Farm Payrolls report on Friday. The report is expected to provide further clues about the Fed's interest rate path. The non-farm payrolls are predicted to increase by 170,000, compared to a rise of 336,000 in the September report. In the context of concerns about economic recession and ongoing geopolitical tensions, as well as strong demand from central banks, it is only a matter of time before gold reaches record highs. Bruno's analysis on Gold: Continuing its upward trend, the price of gold is currently consolidating around the $1980-$1990 range. It is possible that this Friday, there will be a significant increase in price during the US session.Trade active