📈 Forecast: BUY
An additional signal for the growth of XAU/USD is a test of the support line on the RSI. A second indication is a bounce from the lower boundary of the bullish channel. The bullish scenario for Gold prices on 18 October 2024 will be invalidated if prices fall and break below 2645. This would signal a breach of the support zone and further decline towards the 2575 level.
An increase in momentum for XAU/USD can be expected if it breaks through the resistance zone and closes above 2715, suggesting continued upward movement.
We also expect a possible short-term bearish correction, with a test of support near the 2635 level. Following this, growth could resume, targeting levels above 2745. A drop below 2645 would confirm the continuation of the downward trend, with the price potentially falling below 2575.