An indicator supporting the rise in XAU/USD is a test of the support line on the RSI (Relative Strength Index). Additionally, a rebound from the lower boundary of the bullish channel further reinforces the growth outlook.
The scenario for Gold price growth remains valid unless the price falls below 2795, breaking through the support zone. If this level is breached, a downward movement could extend toward 2755, signaling a continuation of the decline.
A bullish breakout would be confirmed if the price surpasses 2905, indicating momentum for further growth. The projected target for this upward movement is above 2985, with the potential for continued growth in XAU/USD.
In the short term, a pullback to test support near 2830 may occur, followed by an expected resumption of the uptrend. Any drop below 2795 will invalidate the bullish outlook, pointing to further losses with a potential target below 2755.
Key Levels to Watch:
- Resistance Breakout: Above 2905
- Support Levels: 2830, 2795
- Target Price: 2985
This analysis highlights the importance of monitoring support and resistance zones to identify opportunities for growth in XAU/USD.