- Major support- $1290 (61.8% retracement $1250 and $1358)
- Gold has broken $1315 (Jun16th high) and jumped till $1358. It is currently trading around $1320.
- The yellow metal has gained sharply on account of UK votes to leave EU. Britain has voted to leave the EU in a referendum .Around 99 percent of votes counted, Brexit was ahead at 51.8 pct compared to 48.2 pct Bremain. Gold is considered as a safe haven during the political and financial crisis and a huge jump till $1391 (Mar 2014 high)/$1433 (Jul 2013 high).
- On the lower side, major short-term support is around $1290 and any violation below will drag the commodity down till $1271 (3 day EMA)/ $1257 (daily Tenkan-Sen)/$1250 (Jun 23rd low).
- Overall bullish invalidation only below $1200.
It is good to buy on dips around $1315-$1320 with SL around $1290 for the TP of $1357/$1391.
