Gold dumped amid risk-on ahead of a big week

Gold set-off the week on a bearish note and now remains heavily sold-off into renewed optimism after Bremain led the way, as reflected by latest Brexit polls conducted during the weekend.

Gold revisiting daily lows near $ 1280?

Currently, gold sinks -1.21% to 1282.95, having posted day’s high at 1292.24 and day’s low at 1279.97. The bears remain in charge at the start of a brand new week, as markets dump the safe-haven amid a renewed risk-on wave triggered by the Bremain votes leading the way.

Looking ahead, the upcoming week seems busy for the gold traders, as the EU referendum along with Yellen’s testimony are likely to hog the limelight ahead of Friday’s durable goods data from the US.

Gold Technical Levels                                   

The metal has an immediate resistance at 1288 (5-DMA) and 1300 (psychological levels/ previous top). Meanwhile, the support stands at 1277.20 (10-DMA) below which doors could open for 1270 (round number).