When examining #GOLD for the trading week of April 29 to May 3, 2024, several indicators may suggest a potential increase in quotations and prices. Firstly, a rebound from the support line on the relative strength indicator (RSI) could serve as an initial signal, alongside a bounce from the lower border of the bullish channel. However, should prices dip below 2245 during this period, indicating a breakdown in support, it could lead to a continued decline in Gold prices with a target below 2085. Conversely, confirmation of an uptrend may occur if there's a breakout above the resistance area, with closing quotes surpassing 2425.
In the event of a decline, an attempt to test the support level around 2270 might be observed, followed by a potential upward movement in Gold prices targeting levels above 2645. A validation of this upward trend could be seen in a favorable trend line test on the relative strength index (RSI). However, if prices fall below 2245, it would cancel out the growth option for Gold, signaling a potential further decline below 2085.