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

Gold increased sharply after the loss day Gold quickly rebounded after the US announced that its labor market continues to weaken, with only 113,000 new jobs added in October, lower than the expected 149,000 predicted by economists. The upward momentum of gold was hindered as the USD continued to rise, with many economies around the world facing difficulties and central banks tending to loosen monetary policies. China recently announced that its PMI manufacturing index in October declined more than forecasted, reaching 49.5 points compared to 50.6 points in September. This indicates a downward trend in the world's second-largest economy. The current environment serves as a perfect catalyst for this precious metal, and prices could reach the expected $2,050 in the near future.Trade activeComment:Comment: Continuing the upward trend, gold prices are currently accumulating around the 1980-1990 price range. Maybe this Friday the price will spike during the US session