A potential signal for the rise in XAUUSD quotes is the test of the support line on the RSI. Another positive indicator is a bounce from the upper boundary of the bearish channel. However, if the price drops below 2455 on September 6, 2024, it will signal a breakdown of the support zone, pointing towards further declines, possibly down to 2385. Growth momentum could strengthen if XAUUSD breaks through the resistance zone and closes above 2535.
XAUUSD Forecast for 6 Sept 2024
The forecast suggests a possible bearish correction in XAUUSD, with a test of the support near 2505. After that, a continuation of the upward trend is expected, with a target above 2605. If the price falls below 2455, it could trigger a deeper decline towards 2385, signaling a breakdown of the current support and continued downward movement.