Technical analysis by KABHI_TA_TRADING about Symbol PAXG: Buy recommendation (2/9/2024)

The XAU/USD pair on the M30 timeframe displays a potential buying opportunity due to a recent a symmetrical triangle pattern. Key Points: The price has been trading within a symmetrical triangle formation characterized by converging support and resistance lines. This often indicates indecision before a decisive move. Buy Entry: Consider entering a long position around the current price of 2034, offering an entry point close to the breakout level. Target Levels: Initial bullish targets lie at the resistance levels of 2052 and 2064, marking previous resistance zones within the triangle. Stop-Loss: To manage risk, place a stop-loss order below the support line of the broken triangle at 2026. This helps limit potential losses if the price reverses and breaks back down. Thank youTrade active: News and Events: Risk Aversion: Global market sentiment remains slightly cautious due to ongoing geopolitical tensions and concerns about slowing economic growth, potentially driving investors towards safe-haven assets like gold. Inflationary Pressures: Persistently high inflation could erode the value of fiat currencies, potentially increasing the appeal of gold as a hedge against inflation.