An additional signal in favor of the rise in #XAUUSD quotes will be a test of the support line on the relative strength indicator. The second signal will be a breakout from the lower border of the bullish channel. The cancellation of the Gold price growth scenario on 31 July 2024 will be a price drop and a breakout of the 2335 level. This will indicate a breakout of the support area and a continuation of the asset price fall to the area below the 2275 level. It is worth expecting an acceleration of the growth of #XAUUSD quotes with a breakout of the resistance area and a price close above the 2405 level.
This analysis suggests an attempt to develop a price correction and test the support area near the 2380 level. Following this, there should be a continuation of growth in non-ferrous metal quotes with a target above the 2525 level. The cancellation of the Gold price rise scenario will be a fall in the asset value on the markets and a breakout of the 2335 level. This will indicate a continuation of the decline in Gold prices with a potential target below the 2275 level.