An additional sign supporting the potential uptrend in Gold prices during the trading week of December 11—15, 2023, would be a bounce from the support line on the relative strength indicator (RSI). The second indication could be a rebound from the upper border of the descending channel. The negation of the bullish scenario for XAU/USD quotes would involve a decrease in price and a breach of the 1895 area. Such a development would signal a breakdown of the support level, indicating a sustained decline in Gold prices with a target below the 1845 level. Confirmation of an increase in the value of the asset would be a breakout of the resistance area and the closing of quotes above the 2045 level.
The GOLD Forecast for December 11—15, 2023 anticipates an attempt to develop a decline and test the support level near the 1975 area. Following this, there could be a continued rise in Gold prices with a target above the level of 2245. Testing the trend line on the relative strength index (RSI) would favor an increase in quotes. The negation of the growth scenario for Gold would be a fall and a breakdown of the level of 1895. This would indicate a continued decline in quotes to the area below the level of 1845.