Gold breaks above $1300 after Trump cancels meeting with Kim Jong-un
|- Safe haven assets rise after Trump cancels the meeting with the North-Korean leader.
- Gold rises to 1-week highs, having the best performance in weeks.
The yellow metal soared after the White House announced President Trump canceled the planned meeting with North Korea leader Kim Jong-un. Gold rose from $1,298/oz to $1,306.50 hitting the highest level since May 15.
XAU/USD was holding near the highs, with the bullish tone intact. From yesterday’s highs, it was up more than $10, having the best performance in weeks. The positive tone in gold was being also supported by US yields that continued to decline today from multi-year highs.
Levels to watch
The rally in gold so far was capped by the $1,306 level and also by the 20-day moving average. Above resistance levels might be located at $1,310 followed by $1,318. Today’s rally pushed the price above the $1,300 mark that could become now a relevant support. Below support levels might be seen at $1,291 and $1,285.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.