Gold breaks above $1300 after Trump cancels meeting with Kim Jong-un

• Safe haven assets rise after Trump cancels the meeting with the North-Korean leader.
• Gold rises to 1-week highs, having the best performance in weeks.

The yellow metal soared after the White House announced President Trump canceled the planned meeting with North Korea leader Kim Jong-un. Gold rose from $1,298/oz to $1,306.50 hitting the highest level since May 15.

XAU/USD was holding near the highs, with the bullish tone intact. From yesterday’s highs, it was up more than $10, having the best performance in weeks. The positive tone in gold was being also supported by US yields that continued to decline today from multi-year highs.

Levels to watch

The rally in gold so far was capped by the $1,306 level and also by the 20-day moving average. Above resistance levels might be located at $1,310 followed by $1,318. Today’s rally pushed the price above the $1,300 mark that could become now a relevant support. Below support levels might be seen at $1,291 and $1,285.