Technical analysis by DNA_fxview about Symbol PAXG: Buy recommendation (12/28/2023)

Dear friends, As predicted, the upward trend of precious metals continues. Evidence of this is the breakthrough of resistance at $2070 and the stable rise to $2083 as of the present moment. My personal assessment is that the peak may be reached in 2024 as the US dollar is on a downward trend. The weakening economy and cooling inflation will force the US to lower interest rates, providing support for gold. The US dollar has been steadily declining in recent sessions. The DXY index (which measures the fluctuation of the US dollar against a basket of major currencies as of the night of December 27) has dropped to 101.3 points. Over the past two weeks, this index has fallen by a total of nearly 2.6%. This increases the attractiveness of international gold. Regarding expectations, the price of gold may not rise too strongly as it has already increased rapidly throughout December 2023. Investors reflect their expectations of a US interest rate cut in 2024 in the recent gold price increase. This also implies that when the US officially lowers interest rates, gold may not have much motivation to rise significantly. For these reasons, I expect that in the short term, the psychological level of $2100 will be reached after adjusting to the designated level. What is your opinion?Comment: good luck