Trader’s Timeout: Gold Hits 5-Week High amid Brexit Turbulence
Posted: Tue Jun 14, 2016 12:21 pm
This article was written by Evdokia Pitsillidou, Risk Management Associate at easyMarkets.
Gold prices are trading at new monthly highs, as jitters over Britain’s upcoming referendum on European Union membership has triggered wide scale risk aversion in the global financial markets.
Since June 1, gold prices have soared over $70 or 6% to $1,285.00 a troy ounce, the highest level in five weeks. The increase also confirmed a bullish reversal for the yellow metal, according to the short-term momentum indicators.
Gold’s next major resistance hurdle is located above the psychological $1,300 level. The yellow metal last traded above that ... (read more)