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

• 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.