An additional confirmation of the potential rise in XAU/USD prices comes from a test of the support line on the relative strength index (RSI), along with a bounce from the lower edge of the bullish channel. If Gold prices fall below 2535, it will invalidate the upward trend, signaling a breakdown of support and a potential drop towards 2485. A move above 2605 would confirm an acceleration in the bullish momentum.
XAU/USD Forecast for 20 September 2024
The forecast for XAU/USD on 20 September 2024 suggests a possible bearish correction, with prices testing the support zone around 2565. However, the broader trend points to a continuation of the price increase, targeting levels above 2645. A break below 2535 would signal a shift, indicating further declines with a target around 2485. Conversely, a sustained move above 2605 would suggest renewed strength in Gold prices.