XAU/USD Bounces Higher

Gold rallied after US inflation in March came out less than market participants had expected. The metal’s medium-term uptrend is still intact as long as the price is above the major support at 1895.

The recent consolidation could be an opportunity for the bulls to accumulate. A break above 1965 prompted some sellers to cover. This could also pave the way for a bullish reversal.

1990 is the next hurdle and its breach may send bullion to the March high at 2070. 1940 is the immediate support in case of a pullback.

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