An additional indicator supporting an uptick in prices for Gold during the upcoming trading week from October 16 to 20, 2023 would be a rebound from the support line on the relative strength indicator (RSI). The second indicator would be a rebound from the lower boundary of the bullish channel. The potential for a decline in XAU/USD quotes lies in a price decrease and a breach of the 1795 level. This would signify a breakdown of the support level and an ongoing descent in Gold prices with an objective below the 1745 level. To affirm the asset's value increase, there would need to be a breach of the resistance area and a closing quote above the 1960 level, which would signify the upper boundary of the descending correction channel's breach.
Envisages an endeavor to initiate a descent and assess the support threshold around the 1845 range. Subsequently, an ongoing upswing in Gold valuations with a target exceeding the 2035 level. An examination of the trendline on the relative strength index (RSI) would favor an ascent in quotes. The possibility of Gold's growth being negated would involve a decline and a breach of the 1795 level. This would indicate a continuous dip in quotes to an area beneath the 1745 level.