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