tayalsmith
Short

XAUUSD GOLD BEARISH

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             edged lower early Monday, after registering its first weekly decline since May last week, following a failed attempt to seize power in Turkey which was seen having limited impact on the global markets. Gold             slipped 0.5 per cent to $1,331.14 per ounce. Bullion fell over 2 per cent last week, its first weekly decline in seven week.
Technically, Gold             may be poised for another fall in upcoming session, as it has made bearish engulfing candle stick on weekly chart also making lower top and lower bottom formation from past few trading session.

Technical indicators RSI is showing negative diversion. It is also trading below 200 and resistance of 50 DMA with appearance of dead cross on hourly charts.

On short term trend of Gold             bearish on charts f it breaches the support of 1320 the support of then it can reach up to next support mark of 1300. On higher side 1340 can react as good resistance mark.
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