Gold Crosses $1,300 – Safe Haven Triggers as Thresa May Suffers Defeat

The yellow metal gold surged as the British PM Theresa May experienced another Brexit defeat in just three months. Investors are anxious as the Brexit deadline March 29 is approaching swiftly.

For now, investors are eyeing the UK Parliament vote to trigger Article 50 with no-deal. If a majority votes to accept, the UK will have to withdraw from the EU without a deal. Alternatively, if they reject to leave the EU without a deal, then Brexit should be delayed.

In both cases, the level of uncertainty remains high. That’s the major reason for a bullish trend in gold.

GOLD climbed above its key psychological level of $1,300 to complete 50% retracement at $1,304. Bullish crossover above $1,305 today can trigger further buying $1,309. That’s a trading level I will consider to take a sell position at today. On the lower side, gold may find support around $1,298.

Support Resistance
1289.56 1298.24
1285.71 1303.07
1277.03 1311.75
Key Trading Level: 1294.39

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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