Gold extends gains in a run to safety

• Gold prices trimmed half of last week's losses, as Wall Street falls.
• New tariffs from China to US agricultural products adds to tech-related equities' woes.

Demand for safe-haven gold increased after the US opening, with the bright metal trading near a daily high of $1,340.24 a troy ounce. Spot is up roughly $13.00 ever since the day started, with the Momentum accelerating as Wall Street falls.

The decline in US equities can be attributed to a sell-off in tech-related equities, following last week's decline after the Facebook data-leak scandal, but also to news coming from China, as on Sunday, the country announced tariffs of 25% to around 130 agricultural US products, reviving concerns about a trade war.

Technical outlook

So far, the commodity has trimmed half of the last week's losses, and trades back above 1,335.25, the 23.6% retracement of the December/January rally, an immediate support ahead of 1.329.96, March 14th high. Below this last, Friday's low at 1,321.45 comes next. The pair has multiple daily highs between 1,340.00 and 1,342.00 from last March, which means that if selling interest can't contain the advance there, the rally could extend up to 1,356.73, the high set last week.