Forecast for Gold Price: XAUUSD licks its wounds around $1,770 in lackluster markets

During Friday's Asian session, the gold price (XAUUSD) shows slight rises near $1,762 as it tests the two-day downtrend. However, the precious metal remains on track for its first weekly decline in three weeks.

Recent bullion increases may be attributable to a technical rebound amid a light economic calendar and weak macroeconomic conditions. Also likely to have supported the Gold price are the most recent stories indicating a relief for US students, as well as the mixed data from the previous day.

Nonetheless, CNBC reported that the Biden administration will petition the Supreme Court to reinstate the student loan debt relief scheme. On the other hand, October's disappointing Philadelphia Fed Manufacturing Index and housing data may have cast doubt on the Fed's recent hawkish rhetoric.

The latest Reuters poll for the US Federal Reserve (Fed) predicts that the Fed will downshift in December to deliver a 50 basis point (bps) interest rate hike, although a longer period of US central bank tightening and a higher policy rate peak pose the greatest threats to the present forecast.

In addition, recent optimistic US stock futures and better equity prices in the Asia-Pacific area appeared to have aided the XAUUSD bulls.

Given the weak economic calendar and the metal's recent corrective rally, bears will need to regularly monitor risk catalysts to maintain control.