An additional signal in favor of the rise in quotes and prices for Gold in the current trading week 21.11.2022 - 25.11.2022 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the “Head and Shoulders” reversal pattern. Cancellation of the growth option for XAU/USD quotes will be a fall in the price and a breakdown of the area of 1585. This will indicate a breakdown of the support level and a continued fall in the price of Gold with a target below the level of 1515. A confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1805, which will indicate en breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
Suggests an attempt to test the support level near the area of 1665. Then, the continued growth in Gold prices with a target above the level of 1915. A test of the trend line on the relative strength index (RSI) will come out in favor of the rise in quotes. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1585. This will indicate a continued decline in quotes to the area below the level of 1515.