Gold 16-month High

Gold made a fabulous run on Friday after Brexit results showed 52% of the UK in favor of leaving the European Union. Traders and investors fled to safety as Gold went up with $108 thus marking a 16-month high.

This is the second largest single day gain in the history of Gold. The first one is 25 Sept 2011 when Gold went from $1,535 to $1,663 (up $128). The third largest single day gain was during the Swiss Gold Referendum on 30 Nov 2014 when Gold rose from $1,142 to $1,221 (up $79).

The precious metal was heavily influenced by the vote and now that things are somehow calm and smooth, price might retreat to lower levels.

Chart: XAU/USD D1