Technical analysis by Bruno_TradingFX about Symbol PAXG: Buy recommendation (11/6/2023)

Latest GOLD update today: Price continues to increase sharply Bruno, hello everyone. As predicted before, gold continues to decline, at the time of writing the price is trading at $1983 and still performing well on the price channel on the 4-hour chart. Global situation: Instead of worrying about the Israel-Hamas conflict, the market will now shift its focus to the Federal Reserve's interest rate cuts, with the only question being when and how much. The catalyst for gold's prolonged recovery will be lower interest rates in the US and a weaker US dollar, and these factors are gradually taking shape. Difficulties in the bond market and the Fed's hesitation could significantly drive up the price of gold. In the coming period, the opportunity for an upward trend will be more certain. It is possible that the price of gold will continue to consolidate around the $1980-2000 range and then continue to rise.