Gold was back below $1,300/oz level following extra selling triggered by a US dollar on the rise. So where will it go from here?

The yellow metal is finding some support after retracing 61.8% of the May to July rally, explains Saxo Bank’s head of commodity strategy Ole Hansen.

Key support levels for gold will be the pre-Brexit vote low at $1,250/oz, followed by May’s low at $1,200/oz, he says.