Gold jumps sharply and is back above 1300 handle on news that Trump cancels his summit with North Korean Leader Kim Jong Un.

1282.27 is now seen as a short term bottom. More importantly, the the long term trend line, established since De 2016 at 1122.81, was defended.

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Focus will now be back on 55 day EMA (now at 1316.59) and 1325.91 resistance zone. As long as these zone holds, further fall is still mildly in favor. And sustained break of the trend line support will be a strong indication of bearish reversal.

Nonetheless, firm break of 1325.91 will set the stage for a test on 1366.05. And, probably the real key resistance at 1380.56.


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