An additional signal favoring the growth of XAUUSD quotes is a test of the support line on the RSI indicator. A rebound from the lower border of the bullish channel is another positive sign. However, a fall in prices and a breakout of the 2695 level on October 22, 2024, would negate the growth scenario for Gold prices. This would indicate a breakout of the support area and a continuation of the fall in asset quotes to below 2645.
A breakout of the resistance area and a price close above 2765 would suggest an acceleration in the growth of XAUUSD quotes. This would indicate a breakout of the upper border of the bullish channel and signal growth by the width of the channel.
We anticipate a bearish price correction and a test of the support area near 2735. However, the growth of non-ferrous metal quotes could continue, with a target above 2825. A fall in the value of the asset and a breakout of the 2695 level would cancel the growth scenario for Gold prices. This would indicate a continuation of the decline in the price of Gold, with a potential target below 2645.