The GOLD price is currently in a bearish consolidation phase, hovering within a narrow trading range near the $1,915-$1,916 area after a recent dip. While major central banks adopting a hawkish stance and the modest strength of the US Dollar have posed challenges for gold, there are glimmers of hope for a potential recovery.

Despite these headwinds, GOLD remains a sought-after safe-haven asset amid economic concerns and cautious sentiment in equity markets. While the upside potential for gold is currently limited, it is worth monitoring for any signs of a meaningful rebound.

Market participants eagerly await the release of flash Purchasing Managers’ Index (PMI) data, which will offer fresh insights into the global economic condition and influence the demand for safe-haven assets like gold. Additionally, shifts in US bond yields will continue to impact the dynamics of the US Dollar and present potential short-term trading opportunities for gold.

On the bright side, key resistance levels for GOLD can be found around the $1,924-$1,925 zone, followed by the $1,936 area and the 100-day SMA near $1,942. A breakthrough above these levels could ignite fresh buying interest, with additional resistance at $1,962-$1,964 and $1,970-$1,972. Surpassing these barriers might trigger a short-covering rally, propelling the gold price towards the psychological $2,000 mark and further resistance at $2,010-$2,012.