Gold Price Forecast: XAU/USD flirts with $1,850 support confluence, focus on Fed’s Powell, US NFP

• Gold price remains sidelined as bulls take a breather amid sluggish start to the key week.

• Mixed headlines from China, cautious mood ahead of Fed Chair Powell’s testimony, US NFP probe XAU/USD bulls.

• Convergence of 200-EMA, weekly bullish channel’s lower line limits immediate downside as US Dollar bears flex muscles.

Gold price (XAU/USD) remains mostly liquid around $1,855 as traders brace for the key data/events during early Monday in Europe. Adding filters to the XAU/USD moves could be the mixed headlines from China, as well as the US Dollar’s inaction despite a pullback in the Treasury bond yields.

Starting with China, the National Development and Reform Commission of the People's Republic of China (NDRC) recently said, it “Will further release the potential for consumption,” while also adding that China's economy steadily improving, per Reuters. Earlier in the day, market sentiment turned sour after China’s annual session of the National People's Congress (NPC) appeared a grim event due to its growth target and geopolitical concerns.