Spot gold accelerated higher on news that China retaliated to US tariffs that heated the trade conflict, with threats of further escalation of crisis. Bad news prompted investors into safe-haven assets and gold price rallied through important barriers at $1293/95 (55/100SMA) and 1297 (Fibo 38.2% of $1346/$1266), coming ticks ahead of o psychological $1300 barrier. Improved sentiment on fresh risk-off mode can drive gold price through $1300 handle and next significant barrier at $1303 (base of thickening daily cloud), violation of which would expose key resistances at $1310/11 (10 Apr lower top / daily cloud top. Fresh rally turned daily MA’s into bullish configuration, with bullish momentum in steep ascend, adding to bullish outlook. Daily close above broken $1297 Fibo barrier will generate bullish signal which is needed to confirm scenario.
Res: 1300; 1303; 1306; 1310
Sup: 1297; 1295; 1293; 1289
