Gold resumes its bullish momentum, back above $1330

After a brief pause on Tuesday, Gold is resumed its bullish momentum and is seen trading higher for third consecutive day at $1331 level. 

On the last trading day of the week, the yellow metal inched higher despite of a broad recovery in the greenback as weaker-than-expected Chinese manufacturing PMI, coupled with uncertainty surrounding the unexpected outcome from last week's historic Brexit referendum, continues to support the safe-haven appeal of the metal. 

Adding to this, talks of additional stimulus measured by BoE and ECB and diminishing prospects of a Fed rate-hike, as depicted by CME group's Fed Fund futures, is further boosting the precious metal. 

Going forward, the metal would continue to take cues from the prevalent risk sentiment and further developments surrounding the Brexit referendum. In the meantime, investors will confront the release of US ISM manufacturing PMI, later during NY trading session, which could provide some momentum play for short-term traders.

From technical perspective, the metal has cleared its immediate resistance near $1325-30 area and hence, a follow through buying interest above weekly high level of $1334 would confirm resumption of its near-term bullish momentum.

Technical levels to watch

Momentum above weekly high resistance near $1334 area now seems to assist the metal to retest Brexit-led swing high resistance near $1358 level, above which it seems all set to extend its bullish momentum towards $1370 level marked by 61.8% Fibonacci expansion level of its Friday's sharp up-surge and subsequent retracement.

On the flip side, weakness back below $1325 support might turn it vulnerable to head back towards $1300 psychological mark support, before heading towards 50-day SMA support near $1260 region. Intermediate support is pegged near $1311 level.