PAX Gold Price Soars as Traders Eye Record High Target
The price of PAX Gold (PAXG) has been pulling back after a strong multi-week climb, and traders are wondering if it will reach a record high. KuCoin recently asked its followers whether $5,000 gold is realistic by 2027, pointing to central banks buying aggressively and investors fleeing yield uncertainty as capital shifts into precious metals and Bitcoin.
According to data from CoinMarketCap, the market capitalization of PAXG is $1.99B, with a 24-hour trading volume of $265.9M. The RSI (Relative Strength Index) is reading 68.56, indicating that the price is close to overbought territory.
The technical analysis suggests that the immediate resistance level for PAXG is $4,756.86, followed by a series of higher resistance levels at $4,870.33 and $5,000.57. To reach these levels, the price would need to break through these resistance zones on strong volume.
The bear case scenario suggests that if the price rejects near $4,756.86 and the RSI is elevated, it could lead to a deeper pullback. A loss of support at $4,588.29 would also put the recent rally in question.