Gold losing traction near $1,280

The troy ounce of the yellow metal is losing ground today, returning to the $1,285/80 band after clinching fresh 2016 highs near $1,320 on Thursday.

Gold deflates as ‘Brexit’ losses momentum

The recent upside momentum in bullion has run out of steam on Monday following an abrupt pick up in the risk appetite trends.

Recent poll results in the UK showed the ‘Remain’ vote seems to have regained some ground, boosting the risk-associated space and thus diminishing the appeal of Gold as a safe haven.

Previous to the EU-UK Referendum, Chair J.Yellen is due to testify on Tuesday and Wednesday, keeping the focus on the greenback.

Gold key levels

As of writing Gold is losing 0.87% at $1,283.50 facing the next support at $1,280.30 (low Jun.16) followed by $1,255.69 (55-day sma) and finally $1,244.09 (100-day sma). On the other hand, a breakout of $1,316.40 (2016 high Jun.16) would expose $1,330.00 (high Apr.14 2014) and then $1,343.70 (high Jul.10 2014).