Gold Price Forecast: XAU/USD bulls have a bumpy road below $1,920 hurdle – Confluence Detector

• Gold price remains firmer around multi-month high, fades upside momentum of late.
• Challenges to sentiment, market’s post-inflation consolidation probe XAU/USD bulls.
• Further upside hinges on successful break of $1,918 and more clues for Fed’s next moves.

Gold price (XAU/USD) stabilizes after refreshing the eight-month high as traders seek more clues to defend the weekly rally, the fourth one in a row. Also likely to have weighed the Gold price could be the trade-related fears surrounding China and the Federal Reserve (Fed) policymakers’ hesitance in backing the pivot talks. It’s worth noting, however, that the Fed talks signaled easy rate hikes after a downbeat US Consumer Price Index (CPI) and propelled the XAU/USD prices the previous day. That said, additional US consumer-centric data, like Michigan Consumer Sentiment Index and Retail Sales, eyed to confirm the recent bullish bias over the precious metal.

Also read: Gold Price Forecast: XAU/USD bulls need validation from $1,902 and US inflation expectations