Technical analysis by DNA_fxview about Symbol PAXG: Buy recommendation (12/27/2023)

Gold prices stabilized in a modest upward trend in the context of the US Federal Reserve (Fed) signaling three interest rate cuts from 2024. The DXY index - which measures the movement of the USD against a basket of major currencies - continues its downward trend. Over the past two weeks, this index has decreased a total of 2.5% to only 101.5 points. Thereby supporting gold price increase. On the other hand, from the 2-hour chart Bollinger Bands are moving sideways and there are still no signs of a significant breakout. From a personal perspective, I believe: the price is still in the accumulation phase. As long as the price stabilizes above the support level of 2052 and 2054 USD, the price will increase further with an expected increase of 2100 USDTrade active