An additional signal in favor of an increase in #XAUUSD quotes and Gold prices in the trading week of 12–16 August 2024 will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. A cancellation of the growth scenario will occur if prices drop and break below the 2265 area, signaling a continued decline in Gold prices with a target below 2185. Growth in the asset's value will be confirmed by a breakout of the resistance area and a close above the 2505 level.
This suggests an attempt to develop a decline and test the support level near the 2355 area, followed by continued growth in Gold prices with a target above 2725. A test of the trend line on the RSI will support the rise in quotes. The growth scenario will be canceled if prices fall and break below the 2265 level, indicating a further decline in quotes to below 2185.