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

Gold prices traded with modest gains on the day Golden Information: Gold price (XAU/USD) attracted some buyers for the second consecutive day on Friday and maintained modest gains in the lead-up to the European trading session. Betting that the Federal Reserve (Fed) is nearing the end of its policy tightening campaign and will begin cutting interest rates in June 2024 is expected to boost the US Dollar (USD) and act as a defensive measure. This, along with instability in the Middle East and concerns about China's economic downturn, serves as a favorable catalyst for the safe-haven precious metal. However, the increase in price on Friday was not convincing enough, as the Gold price remained below the psychological level of $2,000 amid a generally positive stock market environment. Investors also seemed reluctant to make strong bets and preferred to wait for detailed information on US monthly employment figures. The widely anticipated Non-Farm Payrolls report could provide signals about the Fed's interest rate hike timeline and offer new direction for XAU/USD. Bruno's Trend Analysis: Continuing its upward trend, the Gold price is currently consolidating around the $1980-1990 range. Bulls in the market need to wait for sustained strength to break above this level, indicating a solid upward momentum.