An additional signal in favor of an increase in #XAUUSD quotes during the trading week of 5 — 9 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. The cancellation of the growth scenario for Gold prices will be a price drop and a breakout of the 2250 area. This will indicate a breakout of the support level and a continuation of the fall in Gold prices with a target below the 2175 level. The growth in the asset value will be confirmed by a breakout of the resistance area and closing of quotes above the 2505 level.
This analysis suggests an attempt to develop a decline and test the support level near the 2345 area. Then, a continuation of the growth in Gold prices with a target above the 2755 level. A test of the trend line on the relative strength indicator will be in favor of the rise in quotes. The cancellation of the growth scenario for Gold will be a fall and a breakout of the 2250 level. This will indicate a continuation of the decline in quotes to the area below the 2175 level.