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.
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