Market Overview for PAX Gold (PAXGUSDT)

• PAXGUSDT formed a bullish engulfing pattern near support at $3350 after a sharp decline.
• Momentum reversed following an oversold RSI reading, with price climbing back toward key resistance.
• Volatility expanded midday as volume surged during the $3350–$3370 range.
• MACD showed positive divergence suggesting potential for further upward movement.
• Bollinger Bands widened, reflecting increased market uncertainty.

Market Overview

PAX Gold opened at $3362.19 (12:00 ET - 1) and traded between $3336.00 and $3374.03 over the 24-hour period, closing at $3371.56 at 12:00 ET. Total volume reached 2,109.77, with turnover of $7,098,678. The pair saw a strong rebound after touching a key support level, suggesting short-term buyers may have stepped in.

Structure & Formations

A bullish engulfing pattern formed around $3350, indicating a potential reversal after the asset tested a key support level. Later in the session, the price broke above a prior resistance at $3368.00 and extended to $3374.03, setting up for a possible continuation toward higher levels. A bearish doji appeared near the top of the range, signaling a potential pause or consolidation.

Moving Averages

On the 15-minute chart, the 20-period MA provided a dynamic support as the price moved up, while the 50-period MA lagged slightly behind. Daily MAs (50/100/200) showed a more neutral setup, with the 200-day MA acting as a psychological floor around $3340. The price remained above all three, suggesting a longer-term bullish stance.

MACD & RSI

RSI reached an oversold level (~25) during the price drop to $3350 before bouncing back toward neutral territory. MACD crossed into positive territory and showed a bullish divergence, implying stronger momentum to the upside despite recent volatility. This suggests that buying pressure may continue to support the current rally.

Bollinger Bands

Bollinger Bands expanded during the midday price action, with volatility peaking between $3360 and $3370. The price closed near the upper band at $3371.56, indicating strong conviction from buyers. A further move beyond the upper band may trigger more aggressive participation.

Volume & Turnover

Volume spiked during the critical $3360–$3370 range, aligning with the price’s breakout from a consolidation phase. Notional turnover increased in tandem, confirming the strength of the move. No significant divergence was noted between price and volume, supporting the validity of the recent rally.

Fibonacci Retracements

On the 15-minute chart, the price found support at the 61.8% Fibonacci level around $3350 and then extended to near the 161.8% projection of that swing. On a daily basis, the 38.2% retracement level (~$3365) held strong, with the price currently near the 50% level.

Looking ahead, PAXGUSDT could test resistance at $3380–$3385 in the next 24 hours, with a close above $3380 likely to confirm the resumption of an upward trend. However, a pullback below $3365 could re-test the $3350 support level, making it essential to watch volume and momentum indicators for confirmation.