For the trading week of May 20-24, 2024, a key indicator suggesting an increase in Gold prices and XAU/USD quotes will be a rebound from the support line on the relative strength indicator (RSI). Additionally, a rebound from the lower boundary of the bullish channel will serve as a secondary signal. However, if there is a fall in price and a breakdown below the 2145 area, this will invalidate the growth option for XAU/USD quotes, indicating a breakdown of the support level and a continued decline in Gold prices, targeting below the 2015 level. Confirmation of a price increase will be evidenced by a breakout of the resistance area and closing quotes above the 2435 level.
It is expected that there will be an initial attempt to develop a decline and test the support level near the 2310 area, followed by a continued rise in Gold prices targeting levels above 2675. A test of the trend line on the RSI will support the case for raising quotes. If the growth option for Gold is canceled, this would be signaled by a fall and a breakdown below the 2145 level, indicating a continued decline in quotes to the area below 2015.