PAXG Technical Analysis: Channel Breakout Eyes To Retest 200 EMA

PAXG prices retest the falling channel breakout and the $1850 mark with a Doji candlestick. Should you expect a post-retest reversal to $1900? Key technical points: PAXG price rose 2.06% in the last three days. However, the reversal prepares to retest the 200-day EMA. The 24-hour trading volume of PAX Gold is $24.69 Million, reflecting a 31% drop. Past Performance of PAXG Analyzing the past trend in PAXG/USD chart, the bullish failure to sustain above the $2000 mark leads to a downfall in a falling channel pattern. However, the recent fall in the support trendline starts a bullish reversal displaying a retest phase in motion. Hence, the chances of a post-retest relapse increase significantly as the lower price rejection grows. Source-Tradingview PAXG Technical Analysis The breakout rally in PAXG prices eyes the $1875 as it retests $1850, as the buying pressure grows evident by the increase in trading volume. Moreover, the bullish engulfing candlestick improves the overall confidence of PAX Gold buyers. With the recent bearish crossover of the 50 and 100-day EMAs, the probability of death cross increases drastically. Hence, traders can expect the breakout rally to face opposition at the 200-day EMA. Moving forward to the technical indicators, the RSI slope surpasses the 14-day SMA after a sharp V-shaped reversal. Moreover, the bullish trend shows a diagonal rise to reach the halfway line indicating growth in underlying bullishn...