Gold slides to $1284 on easing Brexit worries

Gold is seen easing from session high level of $1292 to currently trade around $1283 as Brexit worries eased after the release of latest poll results over the weekend that showed voters inclining towards 'Remain' camp.

Last week on Thursday, the precious metal reversed sharply after the killing of Jo Cox that fueled speculations that the incidence might shore-up support for the 'remain' camp at this week's referendum vote on Thursday. However, a rebound on Friday, led by a broadly weak US Dollar assisted the yellow metal to print its highest weekly close since August 2014, holding just shy of $1300 psychological mark. 

Going forward, risk-on/off led by uncertainty surrounding the crucial UK-EU referendum is likely to keep the bullion traders busy through the current trading week.

Technical levels to watch

On the immediate downside, $1277-75 zone seems to provide immediate support, below which the metal seems to extend the corrective move towards $1262-60 horizontal support. Failure to hold $1260 support seems to force the metal further towards retesting 50-day SMA support around $1250 region.

Meanwhile on the upside, $1290-92 area remains immediate strong resistance to conquer, which if cleared decisively would confirm resumption of the bullish momentum and assist the bullion back above $1300 psychological mark.