A potential signal for a decrease in XAU/USD could be observed with a test of the resistance line on the RSI (Relative Strength Indicator). A second indicator would be a rebound from the lower boundary of the bullish channel, recently broken by sellers.
If this scenario holds, the bearish trend for XAU/USD is expected to gain momentum, particularly if it breaks below the support level of 2575. A close below this threshold may signify further downward movement. Alternatively, a significant price increase on 13 Nov 2024 and a breakout above 2665 would invalidate this bearish outlook, signaling a potential shift towards growth with an upper target near the 2725 level.
Should a bullish price correction emerge, we may see a test of resistance around the 2625 mark. However, unless the market achieves a breakout above 2665, the overall trend could still favor a decline, potentially reaching a target below the 2535 level.
In summary, a decisive break below 2575 would likely confirm a continued decline in XAU/USD, while a breakout above 2665 could point to a reversal toward higher levels.