The potential for a rise in gold prices (XAU/USD) is supported by signals such as a test of the support line on the Relative Strength Index (RSI), a breakout from the lower boundary of the bullish channel. A decrease in gold prices on June 4, 2024, will mean a fall in prices and a break below the level of 2270. This will indicate a breakdown of the support zone and a further decline in prices to the zone below the level of 2245. We expect an acceleration of the growth of XAU/USD prices upon a breakout of the resistance zone and a price close above the level of 2365, which will indicate a breakout of the upper boundary of the double bottom reversal pattern. A short-term price correction and a test of the support zone near the level of 2295 are also possible. Further gold price growth is expected with a target above the level of 2445. A drop in the value of gold on the markets and a break below the level of 2270 will mean a further fall in gold prices with a potential target below the level of 2245.
The key level to watch is $2270. A break below this level indicates a potential continuation of the bearish trend, while a bounce and rise above $2365 confirms a bullish breakout.