SPOT GOLD rallied above daily cloud on rising safe-haven demand
Spot Gold hit one-month high at $1343 on fresh bullish acceleration on Friday, driven by increased safe-haven demand on rising fears about global trade war.
Fresh extension higher signals continuation of recovery rally from $1307 (20 Mar low) which eventually broke above daily cloud top ($1334) after showing strong hesitation in past two sessions and also dented next pivot at $1340 (Fibo 61.8% of $1361/$1307 descend / former high of 07 Mar).
Close above cloud top will be strong bullish signal which needs confirmation on close above cracked Fibo barrier ($1340).
Daily MA’s in bullish setup and north-heading 14-d momentum are supportive, with near-term action being also underpinned by thick daily cloud.
Caution on slow stochastic entering overbought territory, which may delay bulls.
Broken daily cloud top is expected to keep the downside protected.
Res: 1343; 1348; 1350; 1353
Sup: 1340; 1334; 1330; 1327