In the trading week of May 22, 2024, a key indicator for a potential increase in XAU/USD quotes would be a test of the support line on the relative strength index (RSI). Additionally, a breakout from the lower boundary of the bullish channel would further signal an uptrend. If Gold prices fall and break below the 2325 level, this would invalidate the growth scenario, indicating a breakdown of the support area and a continued decline in asset quotes, potentially dropping below 2265. Conversely, an acceleration in the growth of XAU/USD quotes can be expected if the resistance area is breached, with closing prices rising above 2465.
The market may attempt a price correction, testing the support area near 2365. Following this, we anticipate a sustained rise in non-ferrous metal quotations, targeting levels above 2575. Should the option to raise Gold prices be canceled, a drop below the 2325 level would signal a continued decline in Gold prices, potentially targeting below 2265.