Gold retreats from 2017 tops near $1,300

The ounce troy of the precious metal is posting meagre losses on Wednesday, coming down from yesterday’s fresh YTD peaks in levels just below the key $1,300 mark.

Gold vigilant on UK elections, Comey, geopolitical jitters

The demand for the safe haven metal has picked up pace as of late following increasing uncertainty over the outcome of the UK elections on Thursday. Latest election polls keep signalling a win by Conservatives albeit by a tight margin.

Further risk off sentiment stays in the pipeline in light of tomorrow’s testimony by ex-FBI Director James Comey before the Senate Intelligence Committee, which carries the potential to cast further shadow over the Trump’s administration.

In addition, Bullion found extra support following rising effervescence in the Middle East after Saudi Arabia and four other Arab peers cut ties with Qatar on Monday, accusing the small country of funding terrorism.

Gold key levels

As of writing Gold is retreating 0.11% at $1,296.02 and a breach of $1,282.10 (low Jun.6) seconded by $1,278.86 (23.6% Fibo of May-June rally) and then $1,260.44 (55-day sma). On the other hand, the next up barrier emerges at $1,298.80 (2017 high Jun.6) would open the door to $1,307 (high Nov.2 2016) and finally $1,318.60 (high Nov.9 2016).