• Gold price clings to mild gains during the first positive day in three.
• Corrective bounce in market sentiment adds strength to recovery from $2,010 support confluence.
• Hopes of US debt ceiling extension, absence of major risk-negative headlines keep XAU/USD on intraday buyers’ radar.
• Gold buyers need to gain validation from US default updates, banking news and US Retail Sales.

Gold price (XAU/USD) licks its wounds after a three-day downtrend, not to forget posting the biggest weekly loss since late September 2022. In doing so, the XAU/USD benefits from the US Dollar’s consolidation amid hopes of no US default, as well as mixed comments from the Federal Reserve (Fed) official. Also weighing on the US Dollar could be the news suggesting downbeat US data surrounding inflation and consumer confidence.

However, the Gold price remains on the bear’s radar amid hopes of witnessing more drama about the US debt ceiling extension, as well as fears of more banking fallouts and drowning of the deposits.

Moving on, short-term Gold price moves should rely on Tuesday’s US policymakers’ negotiations about the US debt ceiling extension. Also important are more clues about the US inflation and US Retail Sales data for April, as well as Fed Chair Jerome Powell’s speech