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Long

Gold : Go long. Short term weakness only below $1290

FX:XAUUSD   Gold/U.S. Dollar
347 0 5
Major support- $1290 (61.8% retracement $1250 and $1358)

Gold             has broken $1315 (Jun16th high) and jumped till $1358. It is currently trading around $1320.

The yellow metal has gained sharply on account of UK votes to leave EU. Britain has voted to leave the EU in a referendum .Around 99 percent of votes counted, Brexit was ahead at 51.8 pct compared to 48.2 pct Bremain. Gold             is considered as a safe haven during the political and financial crisis and a huge jump till $1391 (Mar 2014 high)/$1433 (Jul 2013 high).

On the lower side major short-term support is around $1290 and any violation below will drag the commodity down till $1271 (3 day EMA)/ $1257 (daily Tenkan-Sen)/$1250 (Jun 23rd low).

Overall bullish invalidation only below $1200.

It is good to buy at dips around $1315-$1320 with SL around $1290 for the TP of $1357/$1391.
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