GOLD stay bullish despite pausing rally

After experiencing substantial gains in the last couple of weeks, the precious metals market has started to settle down. Gold traders are looking for a new impetus from the US PCE inflation and Chinese PMIs. The silver market has seen a slower but more consistent upward trend, with bulls eventually aiming for $24.50.

Precious metals have been consolidating this week following significant gains since the start of March. The gold price (XAU/USD) has been trading within shrinking daily candlesticks, remaining above $1,950 after peaking near the $2,000 round resistance last week.

After experiencing substantial gains in the last couple of weeks, the precious metals market has started to settle down. Gold traders are looking for a new impetus from the US PCE inflation and Chinese PMIs. The silver market has seen a slower but more consistent upward trend, with bulls eventually aiming for $24.50.

Precious metals have been consolidating this week following significant gains since the start of March. The gold price (XAU/USD) has been trading within shrinking daily candlesticks, remaining above $1,950 after peaking near the $2,000 round resistance last week.

Gold traders are now awaiting fresh impetus from the US PCE inflation and Chinese PMI data, after the market experienced volatility in the past two weeks with banking bankruptcies and high-stakes central bank meetings grabbing the attention. The market is anticipating the next Federal Reserve (Fed) meeting in early May and will spend April assessing the likelihood of further interest rate hikes to combat persistent inflation before the hypothetical easing of monetary policy by the US central bank.

Gold stay bullish despite pausing rally