For those who don't know PAXG it's a crypto which value is related with the reserves of gold of a company called Paxos. Since Putin decided to attack Ukraine, as in every conflict, XAU (gold) started climbing after years of stagnancy and this drove up PAXG price as well.
PAXG has been in constant rise following XAU price since the 31st of January breaking out what it could either be a pennant or a symmetrical triangle. I always look at the worst case scenario, in this case we could have a final price which could reach almost 2300 USD. However I think this is not the time to buy PAXG until it won't retrace.
You're watching the weekly chart but that green candle has been formed mostly today and price is hovering in a zone wehre VLPR shows little trading action. Buying here would mean betting on the fact that price would keep panic buying gold... WHICH CAN HAPPEN. But I don't like to bet and I don't have any PAXG yet so I think I'll sit this one out until it retraces.
Final consideration: war sucks!
PAXG has been in constant rise following XAU price since the 31st of January breaking out what it could either be a pennant or a symmetrical triangle. I always look at the worst case scenario, in this case we could have a final price which could reach almost 2300 USD. However I think this is not the time to buy PAXG until it won't retrace.
You're watching the weekly chart but that green candle has been formed mostly today and price is hovering in a zone wehre VLPR shows little trading action. Buying here would mean betting on the fact that price would keep panic buying gold... WHICH CAN HAPPEN. But I don't like to bet and I don't have any PAXG yet so I think I'll sit this one out until it retraces.
Final consideration: war sucks!
Comment:
well it look like the retracing has already begun, that was quick!
