Despite the seeming moderation of recent price data in the US, the impact of tariffs may soon begin to show up in statistics that the Fed considers crucial for assessing the risks associated with trade disputes. In the US on Friday, April import price data and the results of the University of Michigan's consumer sentiment survey are expected to be released, but these data are unlikely to catalyze meaningful changes in the markets.

Meanwhile, Fed Chairman Powell's statements during his speech the previous day indicate a possible major overhaul of the Federal Reserve's strategy, which is likely to be unveiled "in the coming months". In the absence of specifics, gold quotations retain the outlined dynamics. As we suggested earlier, having dropped below $3150, the price met support and resumed the local growth, which so far looks like only a correction. The range of $3210-3250 acts as a local resistance. If the decline resumes, the activity of buyers may be resumed closer to the area: $2970-3035.