Gold price continues to trend higher and extends advance into fourth straight day on Wednesday, driven by rising safe-haven demand on geopolitical concerns and continuous trade tensions between the US and China.
The yellow metal gained around 1% on rally from last week’s spike low at $1319, as fresh bullish acceleration today broke through pivotal $1342 barrier (Fibo 61.8% of $1356/$1319 bear-leg) and pressuring next barrier at $1348 (Fibo 76.4% / 04 Apr spike high and strong upside rejection).
Bullish setup of daily techs maintains support but geopolitical factor is expected to be the key driver.
US CPI data and FOMC minutes are also eyed for fresh signals about Fed’s next steps.
Broken Fibo 61.8% marks solid support at $1342, which is expected to keep the downside protected.
Res: 1348, 1356, 1361, 1366
Sup: 1342, 1339, 1333, 1331