A potential increase in #XAUUSD quotes on 17-07-2024 could be indicated by two key signals: a test of the support line on the RSI and a breakout from the lower border of the bullish channel. If Gold prices drop and fall below the 2375 level, it would signal a breakdown of the support area, suggesting a further decline towards 2305.
However, if there's a breakout above the resistance area and closing prices exceed 2465, it would indicate a breach of the upper boundary of the bullish channel, signaling growth equal to the channel's width.
An expected scenario involves a price correction with a support test around 2405, followed by continued growth in non-ferrous metal quotes targeting above 2515. On the other hand, if Gold prices fall and break below 2375, it would confirm a persistent decline with potential targets below 2305.