XAUUSD

10:10, 10 June

Market recap

On Tuesday last week we covered XAUUSD which finished the week surging higher to its highest levels in more than 12 months near $1350. It had been content for the week or so prior to enjoy support from the $1270 level, a level which had ably support the precious metal for the last six weeks or so, despite its best efforts to push lower. 
A few weeks ago, gold surged higher to its highest level in a month reaching and testing the key level of $1300 before declining again back to $1270, however this recent surge has smashed through that level with little effort. Should gold decline, you could reasonably expect the key $1300 level to step up and provide some support again.