During the trading week of 26–30 August 2024, a key signal supporting a rise in #XAUUSD quotes will be a rebound from the support line on the relative strength indicator (RSI). Another signal will be a rebound from the lower boundary of the bullish channel. A drop in prices and a breakout below the 2275 level would negate the growth scenario for #XAUUSD, signaling a continued decline toward the 2215 area. Confirmation of upward momentum in #XAUUSD will come with a breakout of the resistance area and a close above the 2535 level.
There may be an attempt to initiate a bearish correction, testing the support level around 2445. Following this, the growth in #XAUUSD could continue with a target above 2775. A test of the trend line on the RSI would also favor a rise in quotes. However, if prices fall and break below the 2275 level, it would indicate a further decline, potentially targeting the 2215 area.