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    Gold jumps to $1270 as investors turn nervous

    After bottoming out around $1261, a sudden bout of demand for safe-haven assets on growing nervousness over the final outcome of the crucial Brexit vote lifted Gold back towards $1270 level. Following last week's tragic murder of UK MP Jo Coz, a pro-EU leader, market started pricing-in a sure win for the 'Remain' camp that was seen hurting demand for the precious metal, which continued drifting lower on Wednesday for third consecutive day. However, as the key UK-EU referendum vote got underway, investors turned nervous and a renewed risk-aversion boosted demand for safe-haven assets - like gold and Yen. Despite of the recent polls showing lead for the 'Remain' camp, the actual outcome was too close to call for as support for both the camps remained evenly distributed.Going forward, risk sentiment surrounding the referendum vote would continue to drive demand for safe-haven assets - like gold.Technical levels to watchMomentum above $1270 is likely to get an additional boost towards a previous support, now turned resistance, around $1278-80 region, which is followed by another strong resistance around $1290 level. A strong buying interest above $1290 level now seems to pave way for further appreciating move for the yellow metal in the near-term.Meanwhile on the downside, 50-day SMA near $1255-54 region, is likely to protect immediate downside. Failure to hold this immediate support is likely to extend the fall towards 100-day SMA support around $1242-40 region. A decisive break below 100-day SMA would negate any near-term bullish bias, making the commodity vulnerable to continue with its corrective move in the near-term.


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