A key indicator supporting the rise in XAU/USD is a retest of the broken trend line on the RSI. Additionally, a rebound from the lower boundary of the bullish channel reinforces the uptrend.
Key Levels & Scenarios:
- Support Test: A pullback towards 2900 could occur before further growth.
- Growth Confirmation: A breakout above 2935 signals an upward move towards 2985.
- Invalidation of Uptrend: A drop below 2875 would indicate a continuation of the decline, targeting 2835 or lower.
A decisive break above resistance confirms bullish momentum, while failure to hold key support could trigger further downside. Stay alert to price action around these levels.