An additional indication of a decline in Gold (XAUUSD) for the trading week from September 30 to October 4, 2024 comes from a possible rebound off the relative strength index (RSI) support line. A second signal is a bounce off the lower edge of a bullish channel.
However, a significant drop in price below 2485 would cancel this potential growth scenario. A breakout of this support level would suggest continued downward momentum, with the next target likely near 2375.
Gold prices could attempt to test support around 2605, followed by a possible upward move towards 2965. A test of the trend line on the RSI would favor further price growth.
If Gold fails to hold above 2485, a deeper decline toward 2375 could follow, indicating continued bearish pressure.