To anticipate an increase in #XAUUSD quotes and Gold prices for the trading week of 1-5 July 2024, look for a rebound from the support line on the relative strength indicator (RSI) and a rebound from the lower border of the Triangle pattern. A fall in price and a breakdown below the 2180 area would invalidate this growth scenario, signaling a continued decline in Gold prices with a target below 2125.
Confirmation of an upward trend will occur if the resistance area is broken and quotes close above 2355, indicating a breakout of the Triangle pattern’s upper border and the start of a new upward movement. The forecast assumes an initial decline and test of the support level near 2295, followed by a continued rise in Gold prices targeting above 2655. A test of the trend line on the RSI will support the increase in quotes. Conversely, a drop and breakdown below 2180 will indicate a continued decline in Gold prices to below 2125.