Gold defends 50-day MA despite uptick in S&P 500 futures

• Gold (XAU/USD) holds above the 50-day MA support.
• Focus on XI's speech at Boao Forum and Fed minutes release. 

Gold sits above the 50-day MA of $1,330, having posted a positive candle with a long tail on Friday.

As of writing, the metal is trading flat-lined around $1,333/Oz. The 0.5 percent rise in S&P 500 has put a bid under risk currencies. Still, the safe haven yellow metal has been able to defend the key moving average support.

That said, the support could be breached in a convincing manner if the dollar catches a bid in response to an uptick in the stock futures.

Focus on Boao forum and Fed minutes

Chinese President Xi Jinping is widely expected to announce major economic reforms at the Boao Forum for Asia on Tuesday. More importantly, the event offers Xi a chance to hit back at Trump's tariff plan. Gold may find bids if Xi talks tough, boosting the odds of a full-blown trade war.

Also, the US inflation updates and the release of the minutes from the Federal Open Market Committee's (FOMC) March meeting could influence the American dollar and gold.

Gold Technical Levels

A move above $1,335 (previous day's high) would allow a stronger rally to $1,348 (April 4 high) and $1,351 (Feb. 1 high). On the downside, breach of support at $1,330 (50-day MA) could yield a pullback to $1,319 (Friday's low) and $1,313 (100-day MA).