Spot gold stands on front foot and focuses US/China trade talks

Spot gold remains steady and holding just under new three-week high at $1291, supported by renewed risk-off sentiment over concerns about potential escalation of US/China trade conflict.
Today’s comment from officials that the US will increase taxes on Chinese imports from Friday, added to positive signals.
Today’s extension broke above 30SMA ($1285) and 26 Apr lower high ($1288) and on track to confirm double-bottom pattern on daily chart that would signal further upside.
Strong bullish momentum and daily MA’s (5;10;20) in positive configuration, support scenario, as thick weekly cloud (spanned between $1263 and $1223) underpins the action.
Close above $1288 (also 50% of $1310/$1266) is needed to generate initial signal and expose targets at $1294/95 (converging 100/55SMA’s); $1297 (Fibo 38.2% of larger $1346/$1266 fall) and psychological $1300.
Pivotal supports lay at $1281/80 (converging 20/10SMA’s) and expected to keep bulls in play.

Res: 1291; 1295; 1297; 1300
Sup: 1285; 1281; 1280; 1277