Gold Price Forecast: XAU/USD jumps back above $2,000 mark, upside seems limited

/USD is currently placed just above the $2,000 psychological mark, though remains confined in a familiar trading range held over the past two weeks or so.The weaker Chinese manufacturing data released on Sunday adds to market worries about economic headwinds stemming from rising borrowing costs and turns out to be a key factor acting as a tailwind for the safe-haven Gold price. In fact, the official Chinese Manufacturing Purchasing Managers' Index declined to 49.2 in April from 51.

The aforementioned fundamental backdrop makes it prudent to wait for strong follow-through buying before positioning for any further appreciating move ahead of the key central bank event risks. The focus will then shift to the release of the closely-watched US monthly employment details on Friday. The popularly known report will play a key role in influencing the near-term USD price dynamics and determine the next leg of a directional move for the US Dollar-denominated Gold price.

On the flip side, the $1,975-$1,970 zone might continue to protect the immediate downside. A convincing break below the said support will mark a bearish breakdown through a short-term trading range and make the Gold price vulnerable to decline further. The XAU/USD might then accelerate the downfall towards the $1,948 resistance breakpoint, now turned support, en route to the 50-day Simple Moving Average , currently around the $1,937-$14,936 area.

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