PAX Gold / US Dollar Cryptocurrency Forecast

Red day on Thursday for PAX Gold / US Dollar cryptocurrency after losing 0.375%
(Updated on Apr 18, 2024)

PAXGUSD Signals & Forecast

The PAX Gold / US Dollar cryptocurrency holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the cryptocurrency giving a positive forecast for the stock. On further gains, the cryptocurrency will meet resistance from the short-term Moving Average at approximately $2,394.29. On a fall, the cryptocurrency will find some support from the long-term average at approximately $2,249.74. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -1.04%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The cryptocurrency had a Golden Star Signal on Monday, January 29, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the cryptocurrency in question.

Support, Risk & Stop-loss for PAX Gold / US Dollar cryptocurrency

On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $2,112.57 and $2,065.23. There is a natural risk involved when a cryptocurrency is testing a support level, since if this is broken, the cryptocurrency then may fall to the next support level. In this case, PAX Gold / US Dollar finds support just below today's level at $2,112.57. If this is broken, then the next support from accumulated volume will be at $2,065.23 and $2,027.90.

This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $34.00 between high and low, or 1.43%. For the last week, the cryptocurrency has had daily average volatility of 3.96%.

The PAX Gold / US Dollar cryptocurrency is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the cryptocurrency is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some cryptocurrencies may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the cryptocurrency manages to break the trend before that occurs.

Our recommended stop-loss: $2,297.93 (-3.81%) (This cryptocurrency has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (PAXGUSD) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect PAX Gold / US Dollar to open at $2,397.00, and during the day (based on 14 day Average True Range), to move between $2,330.38 and $2,447.62, which gives a possible trading interval of +/-$58.62 (+/-2.45%) up or down from last closing price. If PAX Gold / US Dollar takes out the full calculated possible swing range there will be an estimated 4.91% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $2,398.00 (0.38%) than the support at $2,112.57 (11.57%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is PAX Gold / US Dollar cryptocurrency A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for PAX Gold / US Dollar cryptocurrency to perform well in the short-term.

Current score: 3.283 Buy Candidate Unchanged

Predicted Opening Price for PAX Gold / US Dollar of Friday, April 19, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.