In the meantime, the prevalent risk-off environment - as depicted by a generally weaker tone around the equity markets - should act as a tailwind for the safe-haven Gold price. The worst yet COVID-19 outbreak in China raised uncertainty over a strong economic recovery and tempers investors' appetite for riskier assets. This, along with the protracted Russia-Ukraine war, has been fueling recession fears and taking its toll on the global risk sentiment. Hence, any subsequent dip in Gold price could be seen as a buying opportunity and is more likely to remain limited, at least for now.
Gold price technical outlook
From a technical perspective, Friday's swing low, around the $1,917-$1,916 area, now seems to protect the immediate downside. Any further decline is likely to attract fresh buyers near the $1,900 round figure, which should act as a pivotal point. A convincing break below might shift the near-term bias in favour of bearish traders and pave the way for a meaningful corrective pullback.
On the flip side, immediate strong resistance is pegged near the $1,949 area, or a multi-month top touched last Thursday. Some follow-through buying will be seen as a fresh trigger for bulls and lift the Gold price to the $1,969-$1,970 region. The momentum could get extended further, allowing the XAU/USD bulls to surpass an intermediate hurdle near the $1,980 zone and reclaim the $2,000 psychological mark for the first time since March 2022.
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