PAX Gold is a hybrid of crypto and gold that closes the difference between the two investment options. Each PAXG token is pegged at a 1:1 ratio to one troy ounce (t oz) of 400-ounce London Good Delivery gold bar held at Brinks Security vaults in London. Paxos-backed crypto PAXG is backed by London Bullion Market Association (LBMA) certified gold bars and is exchangeable for real gold. The asset price has risen by less than 1% while the global volume has swelled by more than 53% in the last 24 hours with a Market cap of $0.55 Billion.
At the time of writing, PAXG was trading at $1,706
PAXG after taking multiple support at $1,600 showed promising signs of recovery and rallied almost by 6.65% making the weekly high of $1,717. The asset has strong resistance at the key level of $1,725 (Horizontal Trendline & 23.6% Fibonacci Retracement Level) and to further rally it needs to break and close above the resistance level. $1,650 and $1,600 will act as strong support for the asset.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $1,600 | $1,650 | PAXG | $1,725 | $1,800 |
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
