An additional indication supporting a potential upswing in Gold quotations during the upcoming trading week (January 15-19, 2024) is anticipated through a bounce-back from the support line on the relative strength indicator (RSI). The second signal will manifest as a rebound from the upper boundary within the descending channel. The nullification of the growth possibility for XAU/USD quotes hinges on a decline in price coupled with breaching the 1925 area. Such an event would signal a breakdown of the support level, predicting a sustained decrease in Gold prices, targeting below the 1865 level. Confirmation of an asset value increase would be apparent through breaching the resistance zone, culminating in closing quotes above the 2125 level.
Envisages an effort to instigate a downturn and assess the support level in the vicinity of the 1970 area. Subsequently, a prolonged escalation in Gold prices is expected, aiming beyond the 2265 level. A validation of the upward movement is likely to occur through testing the trend line on the relative strength index (RSI). The annulment of the prospect for Gold's growth would entail a decline and breaking through the 1925 level. This scenario would signify a continuous dip in quotes, reaching the area beneath the 1865 level.