Gold resumes backing off from 1,360 as equities slide in thin Asia markets
|- Gold turning back from resistance around 1,360.00.
- Risk appetite in equities, commodities punishing metals.
Gold is on the decline again, tracking equity indexes and other commodities, slipping into 1,340.00 territory as of writing. Asia session markets will remain subdued through tomorrow, as China markets take a break for the first half of the week to celebrate Chinese New Year.
Gold turned away from a high point near 1,360.00 for the second time recently, as the precious metal loses ground amidst risk aversion in markets that has seen equities take a similiar haircut in the face of rising inflation.
The precious metal has managed to recoup the recent risk-averse slide that saw Gold decline to a low of 1,308.00, but upwards movement remains constrained with bond yields knocking on multi-year highs and equities struggling to hold on to 2018's January growth.
Gold Technicals
If the decline continues, Gold will soon face support at 1,335.00 and 1,330.00, while a swing upwards will have to deal with mounting resistance at 1,350.00 and 1,360.00 if an upwards trend is to be re-established.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.