Indicators point towards a potential uptick in Gold prices during the trading week of January 8-12, 2024. Look for a bounce off the support line on the relative strength indicator (RSI) and a rebound from the upper boundary of the descending channel. Disregard the bullish scenario if XAU/USD drops below 1925, signaling a breakdown of support and a sustained decline towards 1865. Confirmation of a positive trend requires a breakout above the 2115 level.
Anticipate a descent to test support around 1965 before a subsequent Gold price rally towards 2285. Validation comes with the RSI trend line test. A bearish turn occurs if Gold falls below 1925, indicating a continued descent toward 1865.