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
