An additional signal in favor of an increase in #XAUUSD quotes and Gold prices during the trading week of 19–23 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 price drop and a breakout below the 2270 area will cancel the growth scenario for #XAUUSD, indicating a continuation of the decline in Gold prices with a target below 2205. Growth in the asset’s value will be confirmed by a breakout of the resistance area and a close above 2525.
This suggests a potential decline to test the support level near 2465, followed by continued growth in Gold prices with a target above 2805. A test of the trend line on the RSI will favor a rise in quotes. The growth scenario for Gold will be canceled if prices fall below 2270, signaling a further decline with a target below 2205.