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Gold edged up on Monday and looked set to log its best monthly performance in four years, bolstered as turmoil in stock markets drove safe-haven demand.

CFTC said, on 23 FEB, gold’s futures, COMEX, fund managers increased net long positions by29,632 contracts to 123,566 contracts fr om 93,934 contracts on 16 FEB. Fund managers increased their net long position consecutive 8 weeks the longest streak since 2012 and hold net long positions highest more than 1 year.

The precious metal is the year’s best-performing major asset. Its 15 percent gain is topping gauges of high-yield and investment grade bonds, Treasuries, all currencies and major stock indexes in developing and emerging countries.

Turmoil across global equity and currency markets has sparked demand for a haven. Speculators raised their net-long position in gold to the highest in a year. SPDR Gold Shares, the world’s largest bullion exchange-traded fund, attracted $4.5 billion of new money in 2016, the most among all U.S.-listed ETFs, according to Bloomberg data as of Feb. 25. It’s a turnaround fr om just a few months ago, when investors were selling the metal, sending prices in December to a five-year low.

Global holdings in gold ETFs surged 15 percent in 2016 to 1,678.7 metric tons. That’s the highest in a year, and the assets are on pace for the biggest quarterly increase since 2010.

With GOLD closing marginally lower on a rejection candle the past week (see weekly chart), further downside is likely. On the downside, support comes in at the 1210.00 level wh ere a break will turn attention to the 1200.00 level. Further down, a cut through here will open the door for a move lower towards the 1190.00 level. Below here if seen could trigger further downside pressure targeting the 1180.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1230.00 level wh ere a break will aim at the 1240.00 level. A turn above there will expose the 1250.00 level. Further out, resistance stands at the 1260.00 level.

Gold prices are on the rise again, trading 0.70% higher on the day around $1230/Oz levelsThe metal remains at the mercy of the equity market sentiment in Europe. Stock markets in Asia retreated after a weekend meeting of G20 policymakers ended with no new coordinated action to spur global growth.

Gold Technical Levels: The immediate resistance is seen at 1243.14 (Feb 25 high), above which the gains could be extended to 1253.32 (Feb 24 high). On the other hand, a breakdown of 1212 (23.6% of Dec low-Feb high) could see the prices test 1200 levels.

Gold futures pushed higher in European trade on Monday, as sharp declines on China’s stock market drove investors to seek shelter in the safe-haven asset.

Gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on $11.20, or 0.92%, to trade at $1,231.60 a troy ounce by 07:55GMT, or 2:55AM ET.

Reference: Reuters, Bloomberg, CFTC, FXStreet, Investing