This week (Sept 16–20, 2024), Gold (XAU/USD) is showing signs of a potential upward trend. A key indicator is a rebound from the support line on the RSI, signaling a likely increase in price. Additionally, a bounce from the lower boundary of the bullish channel further supports this growth forecast.
If prices break through the resistance zone and close above 2605, it will confirm the continuation of the uptrend. However, a decline could still be seen, testing support near the 2515 level before resuming its climb. The target for the growth phase is set above 2875.
🔻 Cancelation Scenario: Should XAU/USD drop below 2405, this would signal a breakdown of the support level, leading to a deeper fall toward the 2325 zone. This would invalidate the bullish outlook and suggest a continued price decline for Gold.