Technical analysis by Bruno_TradingFX about Symbol PAXG: Buy recommendation (11/4/2023)
Bruno_TradingFX

Gold continues to plummet Hello everyone, this is Bruno! Golden information : The upward trend in the Gold market seems to have exhausted as geopolitical risks are being priced in. Additionally, the Fed has also left open the possibility of another interest rate hike. Although we believe that interest rates have peaked, market participants may still be cautious in this regard. Assuming there is no further escalation in the Middle East, the potential for Gold price increase may be severely limited. Looking at the long term, we remain optimistic as this precious metal continues to be supported by strong demand from central banks, concerns about economic recession, and the trend towards de-dollarization. There are growing concerns that the global economy is still heading towards a downturn despite how well the US consumer spending has recovered. Personal opinion of Bruno: Continuing its upward trend, at the time of writing this article, the Gold market has temporarily halted trading at $1992. It is possible that the Gold market will experience significant volatility in the following week. Let's wait and see what happens next with Gold.Trade active