In the upcoming trading week of 8th April - 12th April 2024, #GOLD could witness a potential surge in quotations and prices, driven by a bounce from the support line on the relative strength indicator (RSI) and a rebound from the lower boundary of the bullish channel. However, a drop below the 2085 area would nullify the bullish sentiment, indicating a breakdown in support and further decline in Gold prices towards 2035. On the flip side, confirmation of an upward trend would manifest through a breach of the resistance zone, with quotes closing above 2365.
Anticipate an initial decline and support test near the 2210 area, followed by a sustained rise in Gold prices targeting levels above 2565. A validation of this upward movement would be seen through a test of the trend line on the relative strength index (RSI). Conversely, a drop below 2085 would signal a prolonged downturn, with quotes potentially dipping below 2035.