Technical analysis by TradingForecast_Signals about Symbol PAXG: Buy recommendation (2/22/2024)

Today, gold is trending upwards in the discounted zone. So what reasons could push the price of gold higher in this environment? Currently, the price is trading around $2026 with little change compared to yesterday's trading session, highlighting a 0.05% increase for the day. On the other hand, the Federal Reserve released the minutes of their January meeting, reassuring market participants that the Fed is in no hurry to cut interest rates in the near future. Given the current picture, it would not be surprising if the previous breakout zone is soon retested before any short-term price momentum occurs.