Gold regains momentum on rising safe-haven demand

Up by 1%, Gold jumped all the way to $3032-$3035 region, clearing Tuesday's high of $3022 with ease. The precious metal has witnessed heightened volatility majorly fueled by intensifying trade conflicts between USA and its trading partners. Within a span of one week, President Trump amplified tariffs on Chinese imports from 34% to 104% in response to Beijing’s retaliatory measures, accusing China of devaluing the yuan to soften the impact. In return, China refused to bow down and vowed to fight against America's aggression "to the end.” Despite some setbacks last week, gold remains on track amidst ongoing global trade war and concerns over recession that might follow. 

XAU/USD TECHNICAL OUTLOOK 

Gold is displaying mixed signals across multiple timeframes. A Gravestone Doji on the daily chart suggests buyers might lose strength at higher levels while the 4-hour chart forms a Double Bottom structure, indicating bullish reversal. On the 1-hour chart, a Bull Flag indicates continuation of the uptrend.

Intraday Strategy: Stay bullish above $2,995. Intraday strategy favours buying on dips and breakouts. 

Intraday Trend: Neutral bias unless price breaks key levels.

Weekly Trend: Neutral

Key Resistance Levels: 3045, 3066, 3075
Key Support Levels: 3022, 3018, 3012