Technical analysis by koolmus about Symbol PAXG: Buy recommendation (11/14/2023)

At high intervals - gold is supported by the 200 moving average, and reaches resistance with strength and a significant weekly candle, after undergoing a correction. In low intervals he still has to deal with the 200 average he has reached now. It seems all set to build head and shoulders after dropping back from the 200 average towards the 20 average on the hourly chart. According to the range of the head and shoulders, if it comes to fruition, it will come back to the resistance area, at least to the descending daily trend line in the 2000 price area. I'll see if it drops to the 1944-1950 range, and there I'll look for a clear reversal (of course, combined with an appropriate volume). If there is a reversal (right shoulder) I will enter the transaction with the stop at 1938, where there is both an upward trend line and significant support, with the target for the transaction being 1990. By the way, Fobonchi lines in such a scenario are "by the book"...