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.

Matías Salord FXStreet

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.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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