An additional signal for an increase in #XAUUSD quotes during the trading week of July 22–26, 2024, will be a rebound from the support line on the relative strength index (RSI). Another signal will be a rebound from the upper boundary of the Triangle pattern. The invalidation of the bullish scenario for #XAUUSD will be indicated by a price drop and a breakdown below the 2235 area. This would signify a breach of the support level and a continued decline in gold prices, targeting below 2165. Confirmation of an increase in the asset's value will come from a breakout of the resistance area and closing above 2485.
This analysis assumes an attempt to develop a decline and test the support level near 2385, followed by continued growth in gold prices, targeting above 2705. A test of the trend line on the RSI will support the rise in quotes. The invalidation of the bullish scenario for gold will be indicated by a fall and a breakdown below 2235, suggesting a continued decline in quotes to levels below 2165.