A likely signal for a BUY in XAUUSD from Oct 28 – Nov 1, 2024, is an anticipated rebound from both the relative strength indicator (RSI) support line and the lower edge of the current bullish channel. Should the price hold these levels, it could confirm a rise in XAUUSD, targeting a resistance level above 2765. However, if the price breaks down past 2485, this would signal a likely continuation of the downtrend, with the price potentially moving towards the 2375 support.
An initial dip to test the support around 2685 might occur before the price attempts further upward movement. If this support holds, it could signify continued momentum towards a higher target around 3105. Additionally, a test of the trend line on the RSI would reinforce the likelihood of a price increase.
In summary, a sustained position above 2685 points towards a bullish outlook, with potential gains beyond 3105. Conversely, a significant decline below 2485 would indicate a shift to a bearish outlook, suggesting further declines toward the 2375 area.