Gold up for second day running, but held below Brexit swing highs

The spillover effect from last week's historic decision from the UK-EU referendum continues weigh on investor sentiment, with Gold surging higher for second consecutive day to currently trade around $1327.

On Friday, the precious metal propelled to $1358, its highest level since March 2014, before retracing to settle around $1315, its highest weekly close since July 2014. Developments surrounding the unprecedented decision by UK voters to leave the European Union continue to boost demand for safe-haven assets - like gold.

Adding to this diminishing prospect of an eventual Fed rate-hike in 2016, on concerns over the effect of Brexit on the US economy, is further seen supporting demand for the yellow metal. 

Markets now await for any developments / news / comments surrounding Friday's referendum vote might continue to infuse volatility in global financial markets and boost the safe-haven appeal of the precious metal.

Technical levels to watch

From current levels, previous swing highs and weekly close around $1315 now seems to act as immediate strong support, below which the metal is likely to witness a corrective move back below $1300 handle, towards testing $1290 support area.

On the flip side, on a sustained move above session high resistance around $1335, the metal is likely to make a fresh attempt to move back above $1350 and head towards retesting Friday's swing high resistance around $1358 region.