On 4th July 2024, a potential decrease in #XAUUSD quotes could be indicated by a test of the resistance line on the relative strength index (RSI) and a breakout from the upper border of the Triangle pattern. However, if prices rise significantly and break through the 2375 level, this would negate the expected decline. Such a breakout would indicate a breach of the resistance area, leading to continued growth in asset quotes, potentially reaching above 2415.
Should the support area be broken and prices close below 2280, expect an accelerated decline in #XAUUSD, signaling a breakdown of the lower border of the Triangle pattern and the start of a new downward trend.
This analysis anticipates a price correction attempt and a test of the resistance around 2355. Following this, the quotes of the non-ferrous metal might continue to fall, targeting below 2265. Conversely, a strong rise in asset value breaking through 2375 would suggest a sustained increase in Gold prices, with a potential target above 2415.