A potential boost for XAUUSD may come from a rebound on the Relative Strength Index (RSI) support line and a bounce from the lower boundary of the “Triangle” pattern. The bullish forecast for XAUUSD on 29 October 2024 would be invalidated if prices drop and break through 2705, signaling further decline towards 2665. A sustained rise above 2755 would confirm a breakout of the upper Triangle boundary, setting higher targets.
This outlook suggests a possible bearish correction to test support around 2720 before an upward continuation towards 2805. The bullish view would remain valid unless prices break below 2705, indicating an extended decline with a possible target below 2665.