An additional signal in favor of an increase in #XAUUSD value 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 "Triangle" pattern. The cancellation of the option for a rise in Gold prices on August 8, 2024, will be a drop in prices and a breakout of the 2350 level. This will indicate a breakout of the support area and a continuation of the decline in the asset's value to the area below the 2305 level. We can expect an acceleration in the growth of #XAUUSD quotes with a breakout of the resistance area and a close above the 2465 level, indicating a breakout of the upper border of the "Triangle" pattern and the start of a formation with targets at the top.
This suggests an attempt to develop a bearish price correction and test the support area near the 2385 level, followed by the continuation of the rise in non-ferrous metal quotes with a target above the 2495 level. The cancellation of the option for an increase in Gold prices will be a fall in the asset's value on the markets and a breakout of the 2350 level. This will indicate a continuation of the decline in Gold prices with a potential target below the 2305 level.