*Gold held around the $1700 level on Friday after printing a low at $1670, as it continued to catch bids in early trade today, underpinned by safe haven buying as geopolitical tensions rise and Tariff man made his way back to the spotlight.
*Risk off sentiment is dominating markets after the U.S. threatened new tariffs on China in retaliation for its role in the COVID-19 outbreak as President Trump promised a conclusive U.S report on the virus’s China origins.
*Investors eye March Factory Orders data to be released today.
*The yellow metal hit our target at 1674, ending Friday’s session with a daily bullish reversal bar
*An hourly close above the 1700 level, coinciding with a breach of our downtrend, will boost bullish momentum with the 200 period SMA and and 1718 resistance as closest targets.
Support: 1684 / 1674 / 1665
Resistance: 1700 / 1718 / 1730