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.