An additional indicator for XAU/USD price growth is the test of the support level on the relative strength index (RSI). Another signal supporting this rise is a bounce from the lower edge of the bullish channel. If the price falls and breaks below the 2575 mark on 8th October 2024, it would invalidate the growth scenario. This would suggest a break in the support zone, leading to further declines, possibly pushing the asset's value below 2525.
We anticipate that if XAU/USD breaks through the resistance level and closes above 2675, it could signal stronger upward momentum. This would hint at a move towards testing the support around 2635, followed by continued price growth targeting 2795. A fall below 2575 would signal the end of the bullish trend, indicating a prolonged decline with the next support target near 2525.
In summary, watch for key levels: 2575 for potential bearish breaks and 2675 for bullish breakouts. A close above 2675 would confirm further upward movement, while a drop below 2575 suggests continued price weakening.