SPOT GOLD bull on hold on Monday; eye US-China talks
Spot Gold holds within narrow consolidation under fresh five-week high ay $1350 and holding firm tone after strong rally last Friday and strong bullish close of the last week.
The yellow metal benefited on increased safe-haven demand on global trade war fears and extended strong recovery from $1307 (20Mar low).
Bulls eye recent peaks of 16 Feb and 25 Jan at $1361 and $1366 respectively, however, bulls may hold in extended consolidation before final push higher.
Overbought slow stochastic and talks between the US and China over new tariffs may ease persisting fears of global trade war on positive outcome.
Current consolidation was so far limited and keeps intact initial support at $1340 (former high (Fibo 23.6% of $1307/$1350 recovery), loss of which would expose key near-term support at $1335 (daily cloud top / Fibo 38.2%).
Res: 1350; 1355; 1357; 1361
Sup: 1343; 1340; 1335; 1330