Insights Analysis PAXG Bumps Higher - What is Next?

PAXG Bumps Higher - What is Next?

October 18, 2023 Analysis
BITmarkets | PAXG Bumps Higher - What is Next?

The PAX Gold (PAXG) cryptocurrency is a unique digital currency which is backed by real gold. In essence, PAXG reflects the value of globally-traded gold.

Bumping higher throughout the past week, PAXG's price may continue to grow given positive sentiment.

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PAXGUSD - 1 Week Time Frame

On the weekly time frame, a bullish structure can be noticed. The price of PAXG has tested the Fibonacci level of 0.214, corresponding to the zone around the psychologically-significant price of $1800.

With regards to Price Flow, a clear bullish Price Flow is visible due to the impulsive moves from buyers with corrective moves occurring on the sellers' side.

Only one Imbalance Zone is forming within the dominant impulsive move, where the price reacted very positively.

Before this price fill, the so-called Equal Low has been formed during the correction, which represents the liquidity needed for financial institutions which are looking to go bullish.

By filling this Imbalance Zone, the liquidity withdrawal also took place, and the price thus fulfilled all the necessary criteria to enter buying positions.

For new positions, a Stop Loss order can be placed below the Higher Low at the price of $1,750, while potentially-suitable Take Profit zones are situated by the Fibonacci levels of 1.272, 1.414 and 1.618.

A BIT about PAXG

Each PAXG coin is equivalent to one ounce of gold bullion that meets the London Good Delivery standard; a standard that is recognized worldwide and ensures the quality and authenticity of gold.

This gold is stored in special vaults at the London Bullion Market Authority (LBMA), known for its high security and regulatory standards.

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