An additional signal favoring a rise in XAUUSD prices is a test of the support line on the RSI indicator. A rebound from the lower border of the bullish channel would also reinforce this bullish scenario. However, a price drop below the 2565 level on October 17, 2024, would negate this growth outlook. This would suggest a breakdown of the support area and a potential decline to below 2515.
A breakout of the resistance area and a price close above 2705 could accelerate the growth of XAUUSD quotes. Conversely, a bearish price correction might test the support area near 2635. If XAUUSD prices continue to rise, the target is above 2805. A fall in asset value and a breakout of the 2565 level would indicate a continuation of the decline, with a potential target below 2515.