$PAXG /USDT

Gold-backed structure is clean and controlled. After sweeping lows near 4540, price expanded strongly and is now consolidating near highs. This is healthy pause, not exhaustion. Higher lows are intact and supertrend support is rising.

This is accumulation behavior at elevated levels, which suggests strength, not weakness. Liquidity above 4700 is still untouched, and downside liquidity is well defended.

Entries only make sense on pullbacks, not breakouts.

Invalidation is a loss of 4630 structure.

Strong charts reward patience, not chasing.