GOLD: the second consecutive downside move

Gold is currently moving to the downside for the second consecutive session today, on the back of the news coming from GB regarding the Brexit referendum which continue to undermine the safe-haven demand, and consequently the precious metal one.

At the time of writing the commodity is traded little under $1.284, after (virtually) derided most of the Monday’s gain. Despite this, Gold remains far under the psychological level of $1.300, favored by a weak US Dollar which is limiting the downside.

Brexit developments during next hours will continue to dominate the headlines, guiding investors risk sentiment, while the market today could be interested in the Yellen’s speech on late NY session, after the Senate Banking Committee, which could be a good occasion to get in by the short-term traders.

GOLD 21Jun

Keeping an eye on the chart it is possible to see some interesting levels: the support positioned at $1.275 is the first hurdle to the downside, after which the correction could go to the $1.260 level.

Otherwise, in case Gold would reverse its trend going on the positive ground, the first immediate resistance is at $1.292 broken which there will be no obstacles until the important psychological level at $1.300.



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