An additional signal favoring an increase in #XAUUSD quotes and Gold prices for the trading week of 29 July – 2 August 2024 will be a rebound from the support line on the relative strength indicator (RSI). Another signal will be a rebound from the lower border of the bullish channel. The scenario for growth in #XAUUSD quotes will be invalidated if prices drop and break through the 2235 area. This would indicate a breakdown of the support level and a continuation of the fall in Gold prices with a target below 2155. Confirmation of asset value growth will occur with a breakout of the resistance area and closing of quotes above the 2485 level.
The analysis suggests an attempt to develop a decline and test the support level near the 2355 area, followed by a continuation of growth in Gold prices with a target above 2665. A test of the trend line on the relative strength indicator will support the rise in quotes. The growth scenario for Gold will be canceled if there is a fall and a breakout of the 2235 level, indicating a continued decline in quotes to below 2155.