An additional indication favoring an upturn in XAU/USD quotes would manifest through a trial of the support line on the relative strength index (RSI). Additionally, a breakout from the upper boundary of the "Wedge" reversal pattern would serve as the secondary signal. Should the option to hike Gold prices on May 8, 2024 be revoked, we anticipate a decline in prices, marked by breaching the 2235 level. Such a scenario would signal a breakdown of the support area, triggering a sustained descent in asset quotes, possibly dipping below the 2175 mark. Brace for an acceleration in the ascent of XAU/USD quotes upon breaching the resistance area and achieving closing prices above the 2355 threshold.
It is envisaged that there will be an endeavor to initiate a price correction and test the support area around the 2305 level. Furthermore, expect continued uptrends in non-ferrous metal quotations, targeting levels above 2465. The cancellation of plans to raise Gold prices would result in a decline in asset value across markets, coupled with a breach of the 2235 level. Such a scenario would indicate an ongoing decline in Gold prices, potentially setting sights below the 2175 level.