Gold to break March 2014 highs?

Gold is making some set backs in an otherwise very bid environment with risk off markets still in play due to the Brexit fall out and on going uncertainties taking a grip.

Gold has been on the rampage since $1,358 highs on the Brexit vote, falling back to $1,305 before making highs of $1,375.08 in early trade today. The 20 dma comes in at $1,363, supporting the upside for the best part of the month so far. The 200 week sma is located at 1305, acting as a near term support earlier in the month. A break to the upside will target closes above the weekly highs of March 2014 at $1,392 setting the stage for $1,433 and Aug 2013 highs.  The DXY should be monitored closely and the Fed for signs of a potential hike later in the year should the US economy improve given the recent upside surprise in nonfarm payrolls.