Technical analysis by Veraa_Queen about Symbol PAXG: Buy recommendation (12/14/2023)

FUNDAMENTAL ANALYSIS 🌸 Today is expected to be a significant day for the market as there will be an Interest Rate Meeting held by the Swiss Central Bank, the Bank of England, and the European Central Bank in the afternoon. The price movements for #CHF, #GBP, and #EUR could be highly impactful. TECHNICAL ANALYSIS 🌸 The H1 trend for #gold is showing an increase. Today's trading suggestion: Consider buying #gold. Analysis: D1: The daily bar exhibited a wide range of movement and closed near the top, completely engulfing the previous daily bar. This created a Bullish outside bar pattern and also broke the previous inside bar pattern, indicating a strong upward momentum in the stock price of #Yellow. However, the uptrend has not been sustained as the price has not yet surpassed the previous peak. A positive aspect is that the significant price level of 2,000 was broken upwards yesterday. The overall chart structure for #gold on a daily basis is bullish. H1: The most recent upward movement in the price of #gold on the hourly chart has shown strong momentum, as the price sharply increased and surpassed the recent price peak, thereby reestablishing the upward trend for H1 #gold. However, it should be noted that the price entered into an overbought state when it broke out and closed above.