A potential increase in XAU/USD quotes could be signaled by a test of the support line on the relative strength index (RSI). Another indicator of this upward movement would be a breakout from the lower boundary of the bullish channel. However, if prices fall and break below 2280 on June 5, 2024, this would nullify the growth scenario, indicating a breach of the support area and a continued decline toward 2245.
An acceleration in XAU/USD growth is anticipated if the resistance area is broken and prices close above 2375, signifying a breakout of the upper limit of the Double Bottom reversal pattern. The forecast also includes a potential price correction and a test of the support area around 2310, followed by continued growth targeting above 2465. Conversely, a fall in gold prices and a breakdown below 2280 would invalidate the upward movement, suggesting a continued decline with a potential target below 2245.