An additional indicator supporting a decrease in XAU/USD is a test of the resistance line on the RSI. Another key signal is a rejection from the resistance zone on the price chart. If Gold prices rise significantly and break above 2685 on 19 Dec 2024, this bearish forecast will be invalidated. Such a breakout would signal continued growth towards the 2755 level.
The bearish scenario strengthens with a confirmed break below the support level at 2625, potentially accelerating the decline in XAU/USD.
Current analysis suggests a potential short-term price correction towards resistance near 2665 before the decline resumes. The fall could target levels below 2575. A breakout above 2685 would cancel this projection, indicating upward momentum with a new target surpassing 2755.