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 "Head and Shoulders" reversal pattern. The cancellation of the growth scenario for Gold prices on 1 August 2024 will be a fall in prices and a breakout of the 2335 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 2265 level. It is worth expecting an acceleration in the growth of #XAUUSD quotes with a breakout of the resistance area and a price close above the 2435 level, which will indicate the completion of the formation of the "Head and Shoulders" reversal pattern and the beginning of a bullish trend with targets at higher levels.
This analysis suggests an attempt to develop a price correction and test the support area near the 2385 level. Following this, there should be a continuation of growth in non-ferrous metal quotes with a target above the 2465 level. The cancellation of the growth scenario for Gold prices will be a fall in the value of the asset 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 2265 level.