SPOT GOLD rallies strongly on fresh safe haven demand
Gold price surged on Wednesday on renewed safe haven demand after China announced tariffs on imported US goods, which shook the markets and increased uncertainty.
The yellow metal peaked at $1344, retesting Monday’s high, as fresh bullish acceleration emerged above daily cloud and probed again above next pivotal barrier at #1343 (Fibo 61.8% of $1356/$1321 fall).
Bulls need close above the latter (after initial attempt on Monday failed) to confirm bullish continuation of recovery leg from $1321 (29 Mar low).
Daily MA’s returned to full bullish configuration, with fresh bullish momentum building and being supportive for further advance.
Broken daily cloud top ($1337) is expected to keep the downside protected.
Res: 1344; 1348; 1351; 1356
Sup: 1339; 1337; 1334; 1331