🔼 Forecast: BUY
A key signal supporting the potential rise in XAU/USD quotes is a test of the support line on the RSI indicator. Additionally, a rebound from the lower boundary of the bullish channel strengthens this growth scenario.
Key Levels to Watch:
- A breakout above 2795 confirms a bullish continuation, as it indicates a breakout of the channel's upper boundary, signaling growth equal to the channel's width.
- Conversely, if prices fall below 2705, it cancels the growth scenario, suggesting further decline towards the 2665 support area.
Short-Term Movement:
- In the event of a bearish correction, XAU/USD might test the support near 2735, followed by a rebound.
- Sustained growth could target levels above 2825, aligning with the bullish outlook.
Risk to the Scenario:
- A drop and sustained price movement below 2705 would signal a bearish shift, likely leading to a decline towards 2665, indicating increased downward pressure.
Stay attentive to these levels and indicators for clear signals to confirm market direction.