Technical analysis by FOREX-FLOWS-GROWL about Symbol PAXG: Buy recommendation (12/4/2023)

Gold surpasses all-time high World spot gold price increased 1.6% to 2,069.10 USD/ounce. Earlier this session, at one point the gold price touched 2,075.09 USD/ounce and exceeded the all-time high of 2,072.49 established in 2020. Gold futures price in the US also increased to a record high of 2,089.7 USD /ounce in this session. The rise in world gold prices to the highest level ever in this chart is believed to be due to Fed Chairman Jerome Powell's latest statement admitting that the Fed needs to act cautiously when there are signs of economic weakness. international. Senior analyst Jim Wyckoff of Kitco Metals Company said that the short-term outlook for gold is still favorable, as the USD is trending down amid forecasts that the Fed will not raise interest rates anymore and may even interest rates will likely be lowered in the spring. Lower interest rates reduce the opportunity cost of holding non-yielding assets, which in turn typically drives up gold prices.