Gold up in light trading to kick off the new week, off last week's low of 1,310.00

Gold up on thin volumes to begin the new week.
Buyers looking to claw back recent losses reflecting equity markets.

Joshua Gibson FXStreet

Gold picked up a bid to start the week, touching 1,327.00 in Asian markets before settling near 1,324.00 heading into a quiet pre-Europe market session.

Gold has pared back gains from the 1,360.00 region while global markets try to shrug off a round of risk aversion recently that saw equities crumble off their record highs and bonds spike to multi-year highs. The return of inflation comes hogtied with promises of rising interest rates evaporating the base of "easy money" built into financial markets over the past decade.

Gold Technicals

The precious metal has priced in support from 1,310.00, while previous support-turned-resistance will give buyers a test at 1,330.00. Long-term, Gold appears to be gearing up into a rising triangle, with resistance holding at 1,350.00 for some time, and consistently high lows developing into a rising trendline that was last touched off from 1,240.00.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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