In the trading week of June 17-21, 2024, a potential increase in gold prices could be indicated by a rebound from the support line on the relative strength index (RSI) and another rebound from the lower border of the bullish channel. However, if prices fall and break below 2165, this would invalidate the bullish scenario, signaling a breach of the support level and a continued decline toward 2075.
To confirm an increase in gold prices, look for a breakout of the resistance area and a close above 2465. The scenario anticipates an initial decline to test the support level around 2235, followed by a sustained rise targeting above 2645. A test of the trend line on the RSI would further support a rise in quotes. Conversely, a fall and breakdown below 2165 would negate the bullish scenario, indicating a continued decline with a potential target below 2075.