An additional bullish signal for Gold's quotations and prices during the trading week of May 13-17, 2024, would be a rebound from the support line on the relative strength indicator (RSI). Additionally, a bounce from the lower border of the bullish channel would serve as a secondary indicator. Should the option to increase XAU/USD quotes be scrapped, it could lead to a price decline and a breach of the 2175 area. This would signal a breakdown of the support level, potentially resulting in a continued downward trend in Gold prices, with a target below the 2045 level. Confirmation of an uptick in the asset's value would come from a breach of the resistance area, accompanied by closing quotes above the 2405 level.
It is anticipated that there may be a downward correction attempt, testing the support level near the 2275 area. Subsequently, we foresee a sustained rise in Gold prices, targeting levels above 2665. A test of the trend line on the relative strength index (RSI) would further support the notion of increasing quotes. Should the growth option for Gold be revoked, it could trigger a decline and a breach of the 2175 level, indicating a continued descent in quotes below the 2045 area.