Price Analysis of $PAXG (Last 12 Hours - Approximately 12:10 PM -03, April 23, 2025):
In the last 12 hours, the price of PAXG has shown a downward trend, following the correction observed in the price of physical gold.
Current Price: Between $3,340 and $3,360 (variations between exchanges).
Variation in the last 12 hours: Negative, with a decline of approximately 1-2%
High and Low (12h): Reached a high of around $3,390 and a low near $3,340.
News Related to Gold (AU) and its Influence on PAXG:
As PAXG is a digital token backed by physical gold at a 1:1 ratio, its price is intrinsically linked to the performance of gold. News that affects the price of gold, therefore, has a direct impact on PAXG.
Profit-Taking in Gold: As mentioned in the previous update, the price of physical gold underwent profit-taking after reaching a historical high. This natural correction in the gold market is the main factor influencing the decline in the price of PAXG over the last 12 hours.
Strength of the US Dollar: A stronger US dollar tends to press the prices of commodities, including gold, downward, as it becomes more expensive for buyers using other currencies. Any news indicating a strengthening of the dollar may contribute to the decline in both the price of gold and of PAXG.
Risk Sentiment in the Markets: Increased risk appetite in global financial markets, evidenced by rising stock futures, may decrease demand for safe-haven assets like gold. This lower demand is reflected in the correction of the price of gold and, consequently, of PAXG.
Monetary Policy Perspectives: Although Trump's statements about the Fed have softened, any new information or speculation regarding the future monetary policy decisions of the Federal Reserve (increase or maintenance of interest rates) can influence the price of gold and, by extension, PAXG. Higher interest rates generally make gold less attractive, as it does not provide yield.
Key PAXG Indicators (Updated):
Resistances: Near $3,360 and $3,380.
Supports: Around $3,340 and $3,320.
RSI (Relative Strength Index): At neutral to slightly oversold levels at times, indicating that selling pressure may be easing.
Moving Averages: Short-term moving averages may still be showing an upward trend, but the proximity of the current price suggests a possible reversal or consolidation.
Considerations (Updated):
The decline in the price of PAXG over the last 12 hours is primarily a reflection of the correction in the gold market. It is crucial to closely monitor news and fundamentals driving the price of gold, such as the strength of the dollar, global risk sentiment, and expectations regarding monetary policy, to anticipate future movements of PAXG. The correlation between PAXG and the price of gold tends to be strong, making the analysis of the gold market essential to understanding the dynamics of PAXG.
