A signal indicating a potential increase in XAU/USD quotes would be a test of the support line on the relative strength index (RSI). Another key indicator would be a breakout from the lower border of the bullish channel. If the option to raise Gold prices on May 15, 2024, is invalidated, this would likely be marked by a price drop and a breakdown below the 2305 level. Such a move would suggest a breakdown of the support area, with asset quotes potentially continuing to fall below 2265. Conversely, expect an acceleration in XAU/USD growth if the resistance area is breached and closing prices surpass 2375, indicating a breakout of the upper boundary of the downward channel.
We anticipate an attempt to correct prices, testing the support area around 2330. Following this, a sustained rise in non-ferrous metal quotations could target levels above 2425. If the option to increase Gold prices is canceled, it would result in a market decline and a breakdown below the 2305 level, suggesting a continued decrease in Gold prices with a potential target below 2265.