An additional signal supporting an increase in Gold (XAUUSD) prices during the trading week of 2–6 Dec 2024 is a rebound from the RSI support line. Another key indicator is a bounce from the lower boundary of the bullish channel.
The growth scenario will be invalidated if prices fall and break below the 2445 level, signaling a breach of support and a likely continuation of the downward trend, targeting levels below 2375. Conversely, the upward trend will be confirmed if quotes break above the 2745 resistance level, marking a breakout of the upper limit of the correction channel.
The anticipated movement suggests an initial decline to test the support near 2525, followed by a recovery and a surge in Gold prices, with potential targets above 3005. A test of the trend line on the RSI also supports this upward momentum.