Gold prices might have posted a strong rally last week after prices briefly traded above the $1300 handle to post a new yearly high of 1315 but the failure to follow through from here is indicating a potential downside in the safe haven metal. The weekly Commitment of Traders report showed a record increase in the net long positions in gold. The bullish increase was as expected as the UK heads to polls to vote on the EU membership tomorrow. However, the bullish positioning also shows that with the Brexit risks being priced in, gold prices are more vulnerable to the downside risks than post any meaningful rallies. (full story)