Gold shines, pierces through weekly 200-MA

Gold, a traditional safe haven asset, shines brightly as equity markets in Asia and futures across Europe and in the US fell sharply on increased odds of Brexit.

The metal currently trades around $1325/Oz levels; well above the daily 200-MA level of $1313.

Moreover, markets believe Brexit is pretty much a done deal now after Birmingham voted in favor of ‘exit’. Another wave of selling in equities could be seen once the official confirmation of Brexit hits the wires.

Major levels

Resistance - $1345

Support - $1260