Gold ends lower after two sessions of gains

Gold closed lower on Tuesday, following two consecutive days of gains, as sentiment began to improve following the Brexit vote. 

However, the yellow metal managed to close the day off session lows. The commodity was trading around $1,315 an ounce, 0.68% below its opening price, having recovered from a low of $1,305.44.

Gold technical perspective

“The lack of fresh clues, also undermined gold's demand, although the overall stance is bullish for the upcoming sessions, given that in the daily chart, the commodity holds well above a bullish 20 SMA, whilst the technical indicators have retreated from overbought levels, but remain within positive territory,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the pair is currently around a bullish 20 SMA, whilst the technical indicators have turned higher within their mid-lines, all of which supports additional gains, particularly on a recovery above 1,320.60, the 23.6% retracement of the latest bullish run.”    

Support levels: 1,303.65 1,296.30 1,283.90. Resistance levels: 1,320.60 1,335,60 1,342.60.