Pound ‘pounded’ by political uncertainty, Gold steady
Gold’s recovery, with prices trading below $1280.
The yellow metal remains a battleground for bulls and bears and as such, is likely to translate into prices trading in a wide range. While bulls may find support from political risk and geopolitical tensions, bears are poised to be inspired by expectations of higher U.S. interest rates and a stabilising Dollar.
From a technical standpoint, previous support around $1280 has the ability to transform into a dynamic resistance that triggers a decline back towards $1267. Alternatively, a break above $1280 could open a path towards $1289 and $1300, respectively.