Spot gold is yet to confirm its move. As long as prices remain below $1,348, there is still a risk of resuming the slide in the short-term. The nearest test both for gold and the dollar is the upcoming US CPI data and minutes from the Federal Reserve's March meeting, due later today. Dismal figures could intensify the pressure on the buck, which will send the metal even higher.
From the technical point of view, spot gold is ready for another break in case of a successful retest of a local resistance $1,348. A break above will open the way to the next hurdle at $1,354. This scenario will realize in coming days, should the CPI and FOMC meeting minutes disappoint the USD.
A fresh wave of trade war fears could also add to gold’s bullishness.