An additional signal in favor of falling XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending ”Wolfe Wave” pattern. Cancellation of the option of falling Gold prices on August 2, 2022 will be a strong growth and a breakdown of the level of 1815. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1875. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1735, which will indicate a breakdown of the lower boundary of the ”Wolfe Wave” pattern.
Suggests an attempt to test the resistance area near the level of 1785. Further, the quotes continue to fall with a target below the level of 1685. 1815. This will indicate a breakdown of the resistance area for Gold. In this case, we should expect a continuation of the rise in the price of Gold with a potential target above the level of 1875.