An additional signal in favor of the rise in quotes and prices for Gold in the current trading week August 1 — 5, 2022 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from a strong support area on the price chart, as well as from the lower border of the descending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1620 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1565. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1785, which will indicate breakdown of the upper border of the descending channel.
Suggests an attempt to test the support level near the 1695 area. Then, the continued growth in Gold prices with a target above the level of 1895. A test of the trend line on the relative strength index (RSI) will come out in favor of the quotes rise. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1620. This will indicate a continued decline in quotes to the area below the level of 1565.