PAX - GOLD Stable coin – Consolidation in progress

PAXG MARKET_MINDS BULLISH

Market & Ticker: Fetch.ai – PAX/USDT 

Date: 30/08/2023 
 
 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 
 
 

Scenario:  

 

The PAX Token is a Gold stable coin allowing to invest on a crypto asset backed by GOLD. On the current level GOLD is consolidating the last recent upside trend which can be defined as an upside swing within a long-term range pattern (See chart GOLD : XAU/USD attached).  
As long as the neutrality area remains valid the PAX will progress in a consolidation mode, a test at 1860 could occur, and only a break above 1960 would confirm a new bullish momemtum to retest the previous top. 
 
The investor focusing on PAX on long to short term basis will focus on 1860 area to keep the long-term bullish dynamic valid or to enter in an oversold area but not before. 

 

Technical Key Elements: 

- Auto similar move potential shows target at 1860 
- RSI indicator is at 50% - mixed 
- The Moving average are still resistance 
- Fibonacci key support is adjusted at 1860 while the Elliot wave shows resistance at 1960 

 
Trade Idea conclusion: Opportunity if 1860 is reached only – or if 1960 surpassed  

Target 1: 1960  

Buy: add in dip area 1860 

Stop: 1840 (Daily close) 

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 

 

Chart XAU/USD = GOLD: Daily Basis (Candle Stick) - Logarithmic - EQUIVALENT LEVEL FOR GOLD (XAU/USD : FOREX) 

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 

 

 

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