An additional signal in favor of the rise in #XAUUSD quotes will be a test of the support line on the relative strength indicator. The second signal will be a breakout from the lower border of the “Triangle” model. The cancellation of the option of growth in Gold prices on 7 August 2024 will be a fall in prices and a breakout of the level of 2345. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the level of 2305. Expect an acceleration in the growth of #XAUUSD quotes with a breakout of the resistance area and the price closing above the level of 2465, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
This suggests an attempt to develop a bearish price correction and test the support area near the level of 2395. Further, the continuation of the growth of non-ferrous metal quotes with a target above the level of 2555. The cancellation of the option of raising Gold prices will be a fall in the value of the asset on the markets and a breakout of the level of 2345. This will indicate a continuation of the decline in the price of Gold with a potential target below the level of 2305.