Gold Price Analysis: XAU/USD bulls look to deeper corrective high

Gold is at a crossroads as the price consolidates between short term support and resistance.

The following is a top-down analysis that illustrates the downside outlook for the medium term and the prospects of a last-minute test of higher corrective highs.

Weekly chart

Daily chart

4-hour chart

As per the above charts show, the price is trapped, but either outcome, the medium-term bias is on the downside.