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

in gold •  4 years ago 

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

XAU_USD - 2021-03-22T182936.085-637520568447842233.png

Daily chart

XAU_USD - 2021-03-22T183446.993-637520568958510404.png

4-hour chart

XAU_USD - 2021-03-22T183642.429-637520569515893434.png

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

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!