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

Posted Wednesday, March 13, 2019 by
Arslan Butt • 1 min read

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.