An additional factor supporting a rise in XAU/USD is testing the support line on the RSI. Another indicator favoring growth is a rebound from the lower edge of the bullish channel.
If Gold prices drop and break below $2575, the growth scenario for XAU/USD on 21 November 2024 will be invalidated. This would signal a breach of the support zone, likely leading to a further decline toward $2465.
A rise in XAU/USD could gain momentum if prices break through resistance and close above $2655. Such a breakout could drive quotes to test levels near $2715.
Currently, the market hints at a potential bearish correction, with support near $2605 as a key test. If this level holds, it may prompt further growth in non-ferrous metal prices. Conversely, if prices fall below $2575, a more pronounced drop could follow, targeting levels under $2465.
Traders should monitor critical levels closely, as breaking key resistance or support will determine the next major movement in XAU/USD.