Gold Rallies Above Key Resistance on Safe Haven Demand

Gold pushed through well defined horizontal resistance to trade above the major psychological level of $1,300 an ounce in early trading on Friday. The terrorist attack in Barcelona has spurred safe haven demand for the yellow metal and further turmoil surrounding the Trump administration have added to market fears.

The move marks the highest prices in gold since November of 2016 and leaves little in the way of resistance below the prior high of $1,338.