Gold trading at June highs

June 12, 2014

London (June 12)  Gold has climbed to post a fresh June high at $1,266.68 this morning ahead of in focus US employment data and geopolitical wobbles surrounded a re-escalation of violence in Iraq.

Data wise, the metals focus is on US employment data today, and retail sales tomorrow. Looking further afield, Gold looks to be supported by disturbing news from Iraq surrounding a fresh wave of an Al Qaida linked insurgency movement seizing the northern cities of Mosul and Tikrit. Spot is presently trading at $1,264.01

Gold Technicals

XAU/USD ranged overnight, finding support at the hourly 50 SMA around $1,260, before climbing to its monthly high. Despite the monthly uptrend, a larger downtrend from the 2014 high at $1,389.05 should still be noted. Further, strong resistance is also likely to be lingering at the April 24 low at $1,268.85.

The daily pivot point is at $1264.70, with support below at $1,263.10 (S1).

Source:  fxstreet

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