Recovery or Rejection? Watch this gold-backed game!
After a sharp decline from $3,483, PAXG is trying to stabilize near support at $3,390. The price action is tightening between key horizontal areas - a volatile breakout is on the horizon.
Key Technical Levels
• Resistance Area: $3,403 – $3,412
A clean breakout may open the way towards $3,430+
• Support Area: $3,390 – $3,380
A breakdown below could accelerate the downtrend.
Trade Plan
Bullish Setup:
• Buy Signal: Breakout and close above $3,403
• Target 1: $3,420
• Target 2: $3,440
• Stop Loss: Below $3,388
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Bearish Setup:
• Sell Signal: Break below $3,388
• Target 1: $3,370
• Target 2: $3,350
• Stop Loss: Above $3,405
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The volume contraction after the decline indicates uncertainty. Wait for a strong breakout candle to confirm the trend. Gold-backed tokens like PAXG often react sharply to macro moves - stay vigilant!