A potential decline in XAU/USD is signaled by the test of the bearish trend line on the RSI indicator. Additionally, a rebound from the upper boundary of the descending channel strengthens the bearish outlook.
A bullish correction may push prices toward $2,905, but the overall trend remains downward, with a target below $2,795.
The bearish scenario remains valid as long as prices stay below $2,915. However, a strong upward breakout above this level would indicate a shift in momentum, leading to further gains beyond $2,955.
A key confirmation of the downtrend will be a breakdown of the $2,865 support level, potentially accelerating the decline.