A potential sell signal in XAU/USD arises from the test of the resistance line on the RSI indicator. A second confirmation comes from a rebound at the upper border of the bearish channel. Cancellation of this bearish outlook will occur with a strong price surge, breaking above the 2735 level, signaling continued growth towards 2785.
SELL Setup: Expect further declines in XAU/USD if prices break the support area and close below 2605, signaling the breakout of the lower boundary of the "Triangle" pattern. This would target levels below.
Correction Attempt: There’s a possibility of a bullish correction, testing resistance near 2715. However, if prices fail to hold and drop below 2605, anticipate continued downward pressure in non-ferrous metals.
Cancellation of bearish outlook: A strong price increase above 2735 would negate the bearish scenario, leading to a continued rise with a target above 2785.