Tricked a bit in the morning by a single candlestick,
PAXG—there really is strong resistance around 4450–4500, and the probability of a quick push upward is low; a pullback is more likely.
I stopped out once in the morning, wasn’t convinced, so I opened another position.
But the pullback shouldn’t go too deep.
The weekly chart really has formed a reversal pattern; later we should see a period of choppy upward movement. However, getting an immediate surge back up to 5000 is difficult; it may take a few months like this.
After all, a market cap of 3.5 billion (350k) isn’t something a single institution can control.
But honestly, this rebound—China has won again.
For several consecutive quarters, China has bought at least 100 tons of gold.
In these years, whenever the People’s Bank of China buys gold, it hasn’t lost.$PAXG
PAXG—there really is strong resistance around 4450–4500, and the probability of a quick push upward is low; a pullback is more likely.
I stopped out once in the morning, wasn’t convinced, so I opened another position.
But the pullback shouldn’t go too deep.
The weekly chart really has formed a reversal pattern; later we should see a period of choppy upward movement. However, getting an immediate surge back up to 5000 is difficult; it may take a few months like this.
After all, a market cap of 3.5 billion (350k) isn’t something a single institution can control.
But honestly, this rebound—China has won again.
For several consecutive quarters, China has bought at least 100 tons of gold.
In these years, whenever the People’s Bank of China buys gold, it hasn’t lost.$PAXG