Gold reaches 3-week high

FXStreet (Bali) - Gold resumed its bullish trend during the Asian session of Monday, reaching its highest level since May 27.

The escalating tensions in Iraq, with news out of Twitter reporting the Baghdad airport coming under fire attack, has been one of the main stories which may have positively impacted gold prices.

Technically, the break above the 1,280.00 resistance area is significant, and it now exposes a descending trendline coming off April 15 high around 1,290, ahead of 1,292 - sequence of daily closes through mid last month - followed by 1,300.