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Where Did You Gold? - XAU/USD bulls look to deeper corrective high

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  • XAU/USD consolidates between familiar structure.
  • Bulls look to a break of current resistance while bears test bullish commitments at key support. 

ccording to Ross J Burland from FX Street, 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

Where Did You Gold? - XAU/USD bulls look to deeper corrective high

Daily chart

Where Did You Gold? - XAU/USD bulls look to deeper corrective high

4-hour chart

Where Did You Gold? - XAU/USD bulls look to deeper corrective high

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

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