Technical analysis by TheForexFamily about Symbol PAXG: Buy recommendation (12/18/2023)

Gold prices stopped rising after New York Fed President John Williams objected to Fed Chairman Powell's dovish stance. Gold's bullish momentum weakened on Friday after New York Fed President John Williams objected to Fed Chairman Powell's dovish stance at the FOMC meeting. In that context, gold had almost no fluctuations before entering the weekend when it was only trading around $2,035. Specifically, Williams said that it is still too early to think about cutting interest rates and this is not an issue worth discussing at this time, contradicting the head of the Fed. However, this contradiction may be a strategy of the Fed to prevent expectations of further easing of financial markets. Without this, US government bond yields and the USD will likely continue to decline sharply. Gold is re-accumulating in a narrow range before entering the weekend, after not being able to overcome the old resistance level at 2,043 USD/oz. The precious metal is back above all three SMAs and current support lies at the 20-day SMA at $2,016/oz, below which is old resistance at $2,009/oz. A clear break above 2,043 USD/oz would cause gold prices to continue rising with the next target being 2,070 USD/oz.