#DanielNadim $PAXG Long Trade Setup:
– Price is sitting at 4,383.31 after a sharp, sudden drop from the 4,577.99 peak.
– It needs to hold the 4,367.32 area, which is the 25-day moving average, to prevent the current correction from turning into a full trend reversal.
– A recovery back above the 4,491.27 level is needed to regain bullish momentum and attempt to fill the recent red candle.
Risk Note:
– The most recent candle is a large bearish engulfing, which shows that sellers have taken control of the short-term price action.
Next Move:
– I am watching to see if price can find a bottom around the current moving average support.
– I want to see a smaller, stable candle form here before considering any move back toward the 4,500 range.