An additional indication suggesting a rise in XAU/USD rates would be a trial of the support line on the relative strength index (RSI). Following that, a breakout from the lower boundary of the "Wedge" reversal pattern would serve as the second signal. If the option to raise GOLD prices on May 7, 2024 is nullified, we anticipate a downturn in prices, marked by breaching the 2235 level. Such an event would signify a breach of the support area, heralding a sustained decline in asset quotes, potentially reaching levels below 2185. Brace for an acceleration in the ascent of XAU/USD rates upon breaching the resistance area and achieving closing prices beyond the 2345 mark.
It's presumed that there will be an effort to initiate a price correction and probe the support area around the 2295 level. Subsequently, expect continued uptrends in non-ferrous metal quotations, targeting levels above 2405. The reversal of plans to increase GOLD prices would result in a decline in asset value across markets, accompanied by a breach of the 2235 level. Such a scenario would indicate an ongoing descent in Gold prices, potentially aiming for levels below 2185.