The market has been rattled by the Brexit vote. Risk aversion is pulling down equities markets. Safe havens such as the JPY are gaining. Gold (XAU/USD) is also a safe haven commodity, and it got a boost from about 1250 to almost 1360 following affirmative Brexit results. XAU/USD 4H Chart 6/27(click to enlarge)The short to medium-term mode for gold has been neutral-bullish, more bullish if you look at 2016 in general. It has been a year of consolidation in equities, which is one of the reasons gold has been buoyed. Now, after another shot of risk aversion, gold has cleared 1300, but is challenged by a falling trendline seen in the weekly chart.XAU/USD Weekly Chart 6/27(click to enlarge)Vulnerable Trendline: The weekly chart shows the falling trendline that the market might be looking at. At this point, I would not rely on this resistance to sell from. The bullish momentum in gold is too strong, and the prospect of further risk aversion, or at least volatility suggests further upside in gold. Bullish Targets: If price can indeed hold above 1300, we should anticipate a rally towards the psychological level of 1400 and the 1425-1430 pivot area.